Dant & Russell, Inc. v. J. D. Halstead Lumber Co.

This is an appeal by the J. D. Hal-stead Lumber Company, ah Arizona corporation, hereinafter called the Llalstead Company, from a final order to liquidate and to wind up a receivership of all the property and business of that corporation, to convert all its assets into cash and distribute it to the Halstead Company’s creditors. The Bill of Complaint for Receiver, brought by a creditor and consented to by answer filed the same day by the Halstead Company, prayed that the court, through its receiver, should continue the company’s business of buying and selling lumber through its yards in Arizona and California and attempt to discharge its debts from its profits as a going concern and, in the alternative, that its assets should be sold as a whole or in parcels for the satisfaction of its debts. The order appealed from finally decided that the latter remedy should be granted and the former alternative, which had been pursued for 6% years, should be discontinued and that relief denied.

The bill was filed on December 11, 1931, in the United States District Court for the Southern District of California, Central Division, a receiver thereupon appointed and ordered to continue the…