Hegarty v. American Commonwealths Power Corp.

The Chancellor:

Facts are shown from which I conclude that at the time of the transactions hereinafter referred to, the respondent, the Power Company, which is now in receivership, controlled and dominated the Gas Company, the petitioner. Sundry intercorporate relations of creditor and debtor had been created prior to March 25, 1931, between these companies, and also between the respondent and others, certain of which were subsidiaries of the petitioner.

The stipulation of facts shows that as of March 31, 1931, the following transactions were put through by the petitioner and the respondent:

1;…