Alex E. Wilson v. Fred G. Stevenot, Trustee of Coastal Plywood & Timber Co., Debtor

Appellee was trustee in a Chapter X ( 11 U.S.C.A. § 501 et seq.) reorganization of Costal Plywood Company. He will hereafter generally be referred to as the trustee. Originally, in 1952, he undertook to formulate a plan of reorganization which would permit of the continued operation of Coastal. In 1953, however, his plan was rejected by Coastal’s creditors, and he then sought to sell the company’s assets to provide a fund for its creditors and stockholders. These assets consisted mainly of extensive timber holdings. In April of 1954 a sale of the holdings was consummated, with the approval of the court and of the creditors and stockholders, for a sum in excess of four million dollars. Following this, appellant, who is a licensed real estate broker, petitioned the court for an allowance of compensation for services in finding for the trustee a purchaser of the property. The amount asked was an allowance of 5% of the sales price or approximately $220,000. The trustee resisted the petition, and a trial before the district court was had, resulting in findings and a judgment adverse to appellant; hence this appeal.

The judgment below appears to have ample support in the record.…