In the Matter of J.J.S. Co., Inc., an Alleged Bankrupt. J.J.S. Co., Inc. v. Jerome Sacks

CASTLE, Senior Circuit Judge.

J.J.S. Co., Inc. prosecutes this appeal from an order of the District Court, entered on petition for review, affirming the bankruptcy referee’s findings of fact, conclusions of law and decision adjudicating J.J.S. Co. a bankrupt. The principal contested issues which are precipitated by this appeal are (1) whether the appellees qualify as petitioning creditors and constitute the requisite number to support the involuntary adjudication of bankruptcy, and (2) whether the record supports the findings of insolvency and the commission of an act of bankruptcy.

The parties…