Opinion
No. 12, Docket 28224.
Argued October 8, 1963.
Decided October 29, 1963.
Appeal from the United States District Court for the District of Connecticut; Robert P. Anderson, Chief Judge.
Milton L. Cohn, trustee of a voting trust for the benefit of Ira S. Pace, appeals from an order, entered in reorganization proceedings under Chapter X of the Bankruptcy Act, subordinating certain obligations held by appellant to the claims of all other creditors and allowing them only to the extent of the unpaid balance of the amount actually advanced, plus interest at the agreed rate.
I.J. Cohn, Bridgeport, Conn., for appellant.
Edward J. McCarthy, Bridgeport, Conn. (Paul C. Jamieson, Bridgeport, Conn., on the brief), for appellees.
Before CLARK, MOORE and KAUFMAN, Circuit Judges.
The order is affirmed on the findings and opinion of Judge Anderson, D.C. Conn., 201 F. Supp. 899. The order as we read it subordinates to the claims of all other creditors not only the unsecured portion of appellant's claims, but also that portion which was secured by indentures and a chattel mortgage; thus interpreted, it is appropriate to the issues presented.