“ In addition, it is to be noted that under the law of West Virginia and that of other states having deposits, the securities deposited are made a common fund for the protection of all outstanding contracts, and the certificate holders were advised by the company in its literature that it proposed to deposit reserve fund securities in accordance with the law of the states. The situation discloses so many difficulties of law and fact as to render segregation for purposes of distribution of the avails of the securities improbable. ”

“ There is no foundation for the position that the so-called reorganization should take the form of the creation of a new corporation to which all these securities would be transferred for conversion into cash, particularly as the advocates of such a project admit that the application of the security afforded classes of certificate holders according to state law cannot be avoided in any distribution of assets. ”

“ The respondents, other than Securities and Exchange Commission, contended below, and urge here, that the petition should be dismissed since (1) the debtor is an insurance company exempted from the provisions of the Bankruptcy Act, (2) the petition was not filed in good faith. The debtor, the trustee appointed under Chapter X, and the Commission, successfully opposed these contentions in the District Court. ”

“ R. L. Witters Associates v. Ebsary Gypsum Co., 5 Cir., 93 F.2d 746; In re Porto Rican American Tobacco Co., 2 Cir., 112 F.2d 655.↑ 11 U.S.C. § 207, sub. c (8) , 11 U.S.C.A. § 207, sub. c (8) .↑ 11 U.S.C. § 636 (2) , 11 U.S.C.A. § 636 (2) .↑ 11 U.S.C. § 528, 11 U.S.C.A. § 528.↑ 11 U.S.C. § 11, 11 U.S.C.A. § 11. ”