In re Asiatic Exploration, Inc.

Mildred Whitcomb, representing herself, to be the sole creditor of Asiatic Exploration, Inc., a corporation, filed a petition to have the corporation declared a bankrupt. A receiver was appointed at her instance. A temporary restraining order was issued to prevent removal or transfer of the property of the alleged bankrupt, which, it was claimed, consisted principally of motion picture films. A partial hearing was had on May 20, 1930, on an order to show cause for a continuing injunction. Louis Girivat appeared by counsel in opposition to the application for injunction, and later a petition was filed on Girivat’s behalf for reclamation of a picture film described generally under the title of “Siam.” A further hearing as to the injunction and 'a hearing on the petition for reclamation were had on June 10, 1930, at which time all questions involved in both matters were submitted for decision after argument of counsel. The chief evidence offered was that furnished by John C. Smith, who at this time is the president of the alleged bankrupt. Notwithstanding that he was called by the receiver as an adverse witness, his testimony stands uneontradieted, as to the facts showing the…