Heilbronner

This is an appeal from a decree denying Heilhronner, bankrupt, a discharge.

The creditor objecting specified several grounds, one of which was that between May 25 and August 8, 1925, and within four months prior to the filing of the petition in bankruptcy, the bankrupt, with intent to hinder, delay, and defraud his creditors, transferred, removed, and concealed certain of his assets, to wit, goods, wares, and merchandise, of the value in excess of $5,000; that according to a sworn statement of the bankrupt the property on May 25, 1925, was of the value of $14,822.07, and on August 8, 1925, an inventory of the stock showed the value to bo less than $5,000, showing a decrease or shrinkage of approximately $10,000; that the bankrupt has failed reasonably and satisfactorily to account for the disappearance of $5,000 of said property, and that the property, or the proceeds therefrom, is being held in secret trust for the bankrupt.

The referee fotínd as a fact from the evidence that the bankrupt made no exxfianation of the shortage of approximately $5,000 of the assets of the bankrupt; that for at least a week, toward the end of the business carried on by the bankrupt, he left the…