In the Matter of Leland H. Baum, Bankrupt. Leland H. Baum v. Earl Millikin, Inc.

SWYGERT, Circuit Judge.

Leland H. Baum appeals from an order of the district court affirming the decision of a referee in bankruptcy which denied him a discharge in bankruptcy on the ground that he failed to satisfactorily explain a loss of assets to meet liabilities within the meaning of section 14(c) (7) of the Bankruptcy Act, 11 U.S.C. § 32(c) (7).

The bankrupt, an experienced real estate broker and general contractor in Milwaukee, filed a voluntary petition in bankruptcy on August 15, 1961. Schedules filed with the petition listed total debts in excess of assets in the amount of $57,381.26.…