South Chester Tube Co. v. Naismith

DAVIS, Circuit Judge.

This is an appeal from a deeree of the District Court refusing to segregate the proceeds of a sale for the account of the appellants.

On January 9, 1933, McDowell & Co. owned assets found by the court to be worth more than $200,000 on December 23, 1932-, and presumably of that value on January 9th. On that day, January 9th, McDowell & Co. sold and transferred these assets to the Mercer Tube & Manufacturing Company, hereinafter called the Mercer Company, in consideration of the assumption by it of the liabilities of McDowell & Co. which were admitted to be $34,018.46, but…