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IN RE R. A. SECURITY HOLDINGS

No. 42785.

46 F.Supp. 254 (1942)

In re R. A. SECURITY HOLDINGS, Inc.

District Court, E. D. New York.

July 21, 1942.

Attorney(s) appearing for the Case

Lynn G. Goodnough, of Brooklyn, N. Y. (Lynn G. Goodnough and William C. Hare, both of Brooklyn, N. Y., of counsel), for debtor corporation.

Walter F. O'Malley, of New York City (Nicholas P. Callaghan, of New York City, of counsel), for petitioners.

Irving L. Schanzer, of New York City, for Prudence Realization Corporation.

Cullen & Dykman, of Brooklyn, N. Y. (Ralph W. Crolly, of Brooklyn, N. Y., of counsel), for Brooklyn Trust Co.

George Zolotar, of New York City (Jacob F. Raskin, of New York City, and Kiva Berke, of Brooklyn, of counsel), for Securities and Exchange Commission.

MOSCOWITZ, District Judge.

The debtor owns a single parcel of real estate located at 107 West 86th Street, New York City. It acquired title to the property for $2,640, subject to a certificated mortgage in the principal sum of $825,000 and unpaid interest. It is conceded that the debtor never assumed the obligation to pay the mortgage indebtedness.

The certificate issue was one of a number of Prudence-Bonds Corporation issues which were guaranteed by The Prudence...

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