William R. Day

“ The estate is insolvent, and the assets in the hands of the federal receiver are insufficient to pay credtors, and shareholders will receive nothing. On April 1, 1919, 2 1/2 years after the appointment of the federal receiver, creditors of William Necker, Incorporated, filed a bill in the Court of Chancery of New Jersey alleging the corporation's insolvency, praying that it be decreed to be insolvent, that an injunction issue restraining it from exercising its franchises, and that a receiver be appointed to dispose of the property, and distribute it among creditors and shareholders. ”

“ Hyde, 110 U.S. 276, 287, 4 Sup. Ct. 27, 28 L. Ed. 145. See also a well-considered case in the Circuit Court of Appeals, Ninth Circuit-Dexter Horton National Bank v. Hawkins, 190 Fed. 924, 111 C. C. A. 514. ”