Castriano v. Gelardi

The assets of the partnership consisted of a motel which was eventually purchased by the plaintiff from the receiver for $33,000 in cash plus the extinguishment of a claim of some $6,000. The amount of assets and liabilities in the receivership does not appear in the record. An approximation thereof can be gathered from a statement to the Court by one of the counsel that if the motel had been sold for $26,000 “then the figure here instead of $6,000 now remaining in the Receiver’s hands would have shown a deficit, because on the figure of $26,000 there would have been no money with which to…