Louis Katchen and Howard M. Katchen v. Hyman D. Landy, Trustee in Bankruptcy, in the Matter of Katchen's Bonus Corner, Inc., Bankrupt

I concur in the foregoing opinion of the court as expressed by Chief Judge Murrah, and would like to state some considerations which I consider important in examining the action of the trial court and the referee.

The record shows that the bankrupt corporation began business in April 1960 with the appellant as a vice president, director, and stockholder. His two sons and a third party were the other stockholders and directors. The referee found that the appellant agreed to pay $10,000.-00 for the one thousand authorized shares of the company, that he caused the shares to be issued to himself,…