Globe Grain & Milling Co. v. American Marine Products Co.

This is an appeal from an order entered in section 77B, Bankr.Act, as amended, 11 U.S.C.A. § 207 , proceedings denying appellants leave to intervene.

On December 31, 1936, American Marine Products Company filed a petition for reorganization under section 77B, alleging that it was unable to meet its debts as they matured.

The corporation was engaged in sardine reduction, and its principal asset was the steamship Currier, valued at $698,129. Total assets were listed at $778,283.25, and liabilities at $217,279.71. The petitioner’s financial difficulties were said to be the result of maritime strikes which prevented the execution of contracts.

The court approved the petition, made an order continuing the debtor in possession of its properties, enjoining proceedings *381 against the debtor, requiring notice to he sent all known creditors and stockholders.

A petition to intervene was filed by Murray Oil Products Company. It alleged no more than contracts to purchase oil and meal from the debtor. There is-no order denying the petition in the record, hence nothing before us.

Another petition asking leave to intervene was filed by Globe Grain & Milling Company and Industrial Oil…