Olin

An involuntary petition in bankruptcy was filed March 30, 1933, by E. W. Olin, Ralph Sites, and the Berkeley Pattern Works, creditors having claims for $239.34, $1,029.96, and $183.50, respectively, against the Wise Manufacturing Company. In the original petition the acts of bankruptcy alleged were a preference in favor of some of its creditors in the expenditure of a fund of $605 derived from the sale of the tools belonging to the Wise Manufacturing Company at a time unknown to petitioners, and that the corporation had abandoned its business.

An amended petition was filed June 7, 1933, in which two alleged concealments of assets were relied upon by the petitioning creditors; one was the concealment of the sum of $605 derived from the sale of the tools of the company, which sum, it was alleged in the original petition, had been used for the payment of the debts of the corporation. The other act of concealment was of $75,000 to be paid to the Wise Manufacturing Company by Will H. Hays, Ambrose N. Diehl, and Roy T. Wise, as the consideration for the transfer of certain patents for the Wise Multi-Speed Transmission, as provided in a contract of February 27, 1930, which contract, it…