MR. CHIEF JUSTICE STONE delivered the opinion of the Court.
The question for our decision is whether an insolvent defaulting guarantor of certificates of participation in a mortgage, who is also the owner of a part of the mortgage indebtedness, is entitled to share pro rata in a distribution of the proceeds of the mortgage in a § 77B bankruptcy reorganization.
Prudence Company, petitioner's predecessor, and a wholly owned subsidiary of New York Investors...
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