Shively v. Globe Manufacturing Co.

— The Globe Manufacturing Company was a corporation engaged in the manufacture of washing machines at Perry, Iowa. It became heavily involved. The exact amount of its indebtedness does not clearly appear in the record. In April, 1922, said corporation was adjudged a bankrupt, and it appears that approximately $175,000 of claims were filed against it in the bankruptcy court. In December, 1922, the bankrupt made an offer of composition of its indebtedness, on the basis of the payment of 20 per cent of the claims of creditors. On January 19, 1923, an order was entered in the bankruptcy court,…