In re 35% Automobile Supply Co.
District Court, S.D. New York
In Bankruptcy. In the matter of the bankruptcy of the 35% Automobile’ Supply Company. The proof of claim of E. A. Shatz was expunged by the referee, and claimant petitions for review.
1Opinion of the Court
AUGUSTUS N. HAND, District Judge.
One Shatz owned 97 per cent, of the stock of the bankrupt corporation and had a claim against it. amounting to $34,847. Under these circumstances he signed an agreement with the company to extend the time of payment and to receive his pay out of "actual and net earnings.” The agreement recited that the company would be unable to meet its obligations to Shatz at the time of maturity, and that by reason of Shatz’s “inability to properly manage and operate the affairs and business” of the corporation he had “procured and induced other and various persons to…
2Cases cited7 opinions
- Lawrence v. . FoxNew York Court of Appeals · 1859
- Central Trust Co. of Ill. v. Chicago Auditorium Assn.Supreme Court of the United States · 1916
- Ridden v. . ThrallNew York Court of Appeals · 1891
- In re Roth & AppelCourt of Appeals for the Second Circuit · 1910
- Westerlo v. . De WittNew York Court of Appeals · 1867
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3Cited by2 opinions
- Mary Wagner Thompson v. John O. England, as Trustee of the Estate of James Leo Thompson, BankruptCourt of Appeals for the Ninth Circuit · 1955
- In re The Literary Digest, Inc.Court of Appeals for the Second Circuit · 1939