Los Angeles Shipbuilding & Drydock Corp. v. United States

Plaintiff, Los Angeles Shipbuilding & Drydock Corporation, is the end result of a reorganization under Section 77, sub. b of the Bankruptcy Act, 11 U.S. C.A. § 205, sub. b. Plaintiff’s predecessor, Los Angeles Lumber Products Company, Limited, a California corporation, hereinafter referred to as Lumber, was incorporated on or about June 6, 1922 and then and thereafter, until its dissolution after 1941, had its principal place of business in San Pedro, Los Angeles County, California.

Prior to March 8, 1924, the following six named corporations had been acquired by and were wholly owned subsidiaries of Lumber:

A. Los Angeles Shipbuilding and Drydock Company, a corporation, referred to as Old L. A. Ship to distinguish it from plaintiff. Old L. A. Ship was engaged in building and repairing ships at the Los Angeles Harbor.

B. Puget Sound Lumber and Box Company, a Washington corporation, hereinafter referred to as Puget, was engaged in the business of operating a lumber yard, mill and box factory in Seattle, Washington.

C. Masset Timber, Limited, a British Columbia, Dominion of Canada corporation, hereinafter referred to as Masset, was engaged in the business of owning and operating…