In Re Aktiebolaget Kreuger & Toll

MANTON, Circuit Judge.

The order appealed from rejected the claims of Lee, Higginson Trust Company as trustee and certain individual holders of the bankrupt’s participating debentures who claim they were on a par with claims of general creditors. The order, however, allowed but subordinated the claims, both as to principal and interest, to the general creditors. The appeal is from so much of the order as subordinated their claims.

The Marine Midland Trust Company is trustee under an indenture, dated March 1, 1929, securing an issue of debentures of the bankrupt (the secured debenture in…