In Manhattan last week Federal-Judge Alfred Conkling Coxe saved Paramount Pictures Inc. $2,000,000. For 29 months Paramount had struggled through receivership, bankruptcy and Section 77b reorganization proceedings. Last July it emerged as a free and solvent corporation. But receivers, trustees, committeemen, lawyers, experts, banks and others sent in a $3,239,828 bill for services and expenses. Paramount was the debtor, as the law provides that "a trust estate must bear the expenses of its administration." But Judge Coxe had the authority to deny or to reduce claims, since Section 77b provides: "The judge...
To continue reading:
or
Log-In
