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First Trust Co. of Philadelphia v. Atlas Pipeline Corp.
United States District Court for the Western District of Louisiana
29 F. Supp. 32 (1939)
Atlas Pipeline Corp. (Atlas) (debtor) was an oil refiner based in Louisiana. First Trust Company of Philadelphia (First Trust) (plaintiff) was a trustee of Atlas under Atlas’s first-mortgage bond. First Trust applied to place Atlas into receivership, and on May 26, 1939, a receiver was appointed to control Atlas. First Trust later applied to have the receiver sell Atlas’s assets as a going concern, allowing the eventual purchaser to continue Atlas’s operation. Notice of First Trust’s application was sent to all of Atlas’s creditors, and a hearing was held on July 26 for creditors to object to the sale. Atlas’s second-mortgage bondholders sought to postpone the sale until the court could determine their interest in Atlas. Atlas objected to the sale, claiming that First Trust did not follow proper procedure to request the sale of Atlas’s assets. Atlas argued that First Trust was required to either go through an executory process or obtain a judgment on the merits of its claims before requesting a sale.
Rule of Law
Holding and Reasoning (Dawkins, J.)
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