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IN RE ERNST KERN COMPANY

Docket Nos. 35, 36, Calendar Nos. 48,964, 48,965.

365 Mich. 462 (1962)

113 N.W.2d 798

In re ERNST KERN COMPANY.

Supreme Court of Michigan.

Decided March 15, 1962.

Attorney(s) appearing for the Case

Walter E. Pear (Allison L. Scafuri, of counsel), for appellant objector Preferred Stockholders' Protective Committee.

Dickinson, Wright, McKean & Cudlip (Richard C. Van Dusen, of counsel), for appellees Kern Purchasing Corporation and Leon Schottenstein, individually and as agent for a group of investors.

Honigman, Miller, Schwartz & Cohn (Maurice S. Binkow, of counsel), for appellees Irving Levick, Mildred Levick and Seneca Warehouse and Industrial Center, Inc.

Miller, Canfield, Paddock & Stone (Emmett E. Eagan and John W. Gelder, of counsel), for appellee Goldstein.

SOURIS, J.

In 1959, the Ernst Kern Company, operator of a Detroit department store, was in the hands of a receiver appointed by the United States district court in bankruptcy. Pursuant to the provisions of chapter 11 of the Federal bankruptcy act, 11 USCA, § 701 et seq., a plan of arrangement was sought to be effected whereby Kern's unsecured creditors would be paid 15¢ on each dollar of their claims in...

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