In re Guaranty Building & Loan Ass'n

The motion to dismiss directed against the involuntary petition in bankruptcy is granted.

The involuntary petition in bankruptcy was filed on December 13, 1930, and petition for appointment of temporary receiver in bankruptcy was filed at the same time. A day or two subsequent thereto petition was filed for a receiver in equity. The magnitude of the matters at issue, being the affairs of the Guaranty Building & Loan Association, affeeting more than 22,000 depositors in that institution whose deposits exceeded twenty millions of dollars, assumed serious proportions. The entire community sought its best and safest business counsel as to the best method of meeting the emergency, it being generally understood that heavy losses would be suffered by the depositors. The best talent the city afforded was sought to lighten the loss so evidently faced by the thousands of depositors in the institution. The result Was that a receiver in equity was by almost unanimous consent deemed the wisest plan, and such receiver was appointed as the best method, in the first place to insure public confidence, and, second, at a minimum of expense to save what could be saved from the wreck of the…