later, February 28, 1935, the debtor corporation itself filed a similar proceeding here. After full hearing this Court assumed jurisdiction and later, by order in the Southern District of New York, the creditors' petition there was transferred to this Court.
In accordance with customary procedure in this Court, after notice to parties in interest and full hearings, Messrs. Burke and Finan were appointed and confirmed as trustees with power to continue the operation of the business and in due course thereafter a plan of reorganization was filed which, after hearing, was amended and after further hearing was subsequently confirmed on July 5, 1935, and has been executed. In the inception of the proceeding here there was much contrariety of view and apparent conflict of interest between the noteholders, preferredprincipally a preservation of the status quo. The New Jersey receivership was under a statute which it is said would have permitted ultimately a liquidation or reorganization of the corporation but the almost immediately ensuing receivership in New York where the executive offices of the company were situated and the ancillary proceeding in Allegany County, Maryland, where the plant was situated, apparently rendered it impossible for the New Jersey receivership to be effective in producing any results. And the conflicting aims and interests of the dominant parties in the New Jersey and New York receiverships necessarily created a situation which prevented any substantial progress in the affairs of the corporation. The Allegany County, Maryland, receivership was merely ancillary to that in New Jersey. Under these conditions it is