Securities and Exchange Commission v. The Wilcox-Gay Corporation

MARTIN, Circuit Judge.

The Securities and Exchange Commission appealed from an order of the United States District Court for the Western District of Michigan denying its motions to dismiss the petitions of the principal debtor, the Wilcox-Gay Corporation, and its subsidiary, under Chapter XI of the Bankruptcy Act, 11 U.S.C.A. § 701 et seq.; and to dismiss the proceeding under Chapter XI, unless the debtors’ prior petitions under Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq. should be reinstated.

Upon the argument of the case in this court on December 17 of last year, it was agreed,…