Savage v. Monarch Royalty Corp.

McDERMOTT, Circuit Judge.

The appellant filed his claim for $37,-716.60 with the Receiver of the Monarch Royalty Corporation. The Receiver protested its allowance on the ground that the claim *651was founded on a scheme to defraud the stockholders of the corporation, was ultra vires and contrary to public policy. The issues were referred to a master who made a report which includes a summary of the testimony, a running comment thereon, some observations on the applicable law, two short conclusions of fact, and a conclusion of law that the claim, should be disallowed. To this report exceptions were…