Anderson

This action involves two appeals from the judgment entered in a suit in interpleader, one taken by the intervener and the other by one of the defendants to the original action.

The Jenny Wren Stores, Inc., was a Delaware corporation operating chain stores in California. In 1927 a bill in equity for the appointment of a receiver of the business was filed in the federal court, and this was followed by a petition to have the corporation adjudicated an involuntary bankrupt. Thereafter certain of its creditors, for the purpose of protecting their interests, appointed a committee (which will be hereinafter referred to as the creditors’ committee). At about the same time the stockholders also selected a committee, called the rehabilitation committee, of which the plaintiff in the present action was made chairman. The latter committee undertook to procure sufficient additional capital from the stockholders and others to discharge the company’s indebtedness in order that it might continue in business. It secured subscriptions from certain of the stockholders, part being paid in cash, but it failed to procure sufficient to pay the debts of the corporation, and a new committee, consisting…