(Download) "Charles Seligson v. Lester William Roth" by United States Court of Appeals for the Ninth Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Charles Seligson v. Lester William Roth
- Author : United States Court of Appeals for the Ninth Circuit
- Release Date : January 31, 1968
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
BARNES, Circuit Judge: Appellant is trustee in bankruptcy for Ira Haupt & Co., a limited partnership, which operated a general brokerage and
commission business until forced into bankruptcy in the United States District Court for the Southern District of New York
on March 23, 1964. In the Matter of Ira Haupt & Co., a Limited Partnership, Bankrupt, 234 F. Supp. 167 (S.D.N.Y.1964).
Immediately before going into bankruptcy, Ira Haupt & Co. (hereinafter "company"), with its main office in New York City,
had 16 general partners, 13 limited partners, approximately 700 employees and branches throughout the country. 234 F. Supp.
at 168. On November 20, 1963, as a result of financial shortages occasioned by its dealings with Allied Crude Vegetable Oil
Refining Co., the company was suspended from further operation by the New York Stock Exchange. Five days later, after a determination
that company's capital deficiency was approximately 20 million dollars, company's creditor banks and the Exchange advanced
a proposal for the "orderly liquidation" of company, which was accepted. Id. The district court which conducted proceedings
on company's involuntary petition for bankruptcy found that, "Haupt was hopelessly insolvent when it was suspended by the
Exchange on November 20, 1963 and it has not engaged in the business for which it was organized since that time." Id. at 169.
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