Midland Steel & Equipment Co. v. Wells

HICKS, Circuit Judge.

On October 7, 8 and 9, 1941, appellee, Hugh Wells, Trustee in Bankruptcy of the Bender Body Company, sold certain property of the bankrupt at auction. Appellants, Midland Steel & Equipment Company, and Michael Tauber & Company, by their representatives, entered into competitive bidding and as highest bidders became the purchasers of three lots of second-hand machine tools. Their bids were approximately $5,000 in excess of the “ceiling” prices established by the Office of Price Administration. Four days later the Administrator of the O.P.A. filed a motion and petition to…