REEVES, District Judge.
The receiver has filed an application for the issuance of receiver's certificates. In order that said certificates might be readily sold, it is sought to have them secured by a first lien on the properties of the receivership. This involves a displacement of first mortgage liens now existing, and would make the lien of the receiver's certificates paramount.
Objections are made by the bondholders or mortgagees, the trustees, and others...
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