Schnitzer v. Panhandle Lumber Co.

For more than thirty years prior to 1940, the defendant Panhandle Lumber Company, Limited, owned and operated two lumber mills — one at lone, Washington, and the other at Spirit Lake, Idaho. Each mill was operated by electricity generated by steam at the plant. In addition to using electricity in running the mills, defendant, through two subsidiary companies, of which it was sole owner, furnished electricity to the towns and their inhabitants.

On April 29, 1940, the company, having decided to go out of business, called for bids on all of its properties except “any cash or accounts receivable…