Lyon Lumber Co. v. Harrison

EVANS, Circuit Judge.

Plaintiff was organized to do lumbering business.2 Through a 100% owned subsidiary, the Garyville Land Company, it held 32,209.63 acres of cut over swamp land and 77.97 acres of pine lands in Louisiana. It also owned 38,990.92 acres of timber, land in Oregon, acquired through its purchase of the stock of the Continental Timber Land Company. The latter company’s stock was held by nearly the same stockholders and in the same relative amounts as the stockholders who owned the stock of plaintiff. Continental owed $900,000 and plaintiff had more than this amount on hand in…