The opinion of the court was delivered by: FORMAN
On September 30, 1932, a bill in equity was filed in this court, as a result of which Frederick Cohen and Edwin G. C. Bleakley were appointed co-receivers of the Camden Rail and Harbor Terminal Corporation. The corporation was thus administered until July 7, 1937, when a petition was filed to reorganize it under the provisions of Section 77B of the Bankruptcy Law of the United States, 11 U.S.C.A. § 207. As a result of the institution of these proceedings, the same co-receivers, Frederick Cohen and Edwin G. C. Bleakley, were confirmed as trustees on August 13, 1937.
A plan of reorganization was finally proposed in which, among other things, it was provided that a new company was to be organized. The property and assets of the Debtor were to be transferred to the new company, which was to make payment of the expenses of reorganization, provide for the payment of taxes and assessments, execute and deliver a mortgage in the sum of $250,000, and to issue and distribute certain preferred and common stock to creditors and stockholders of the Debtor in accordance with the terms specifically set forth in the plan. In so far as the directors and officers of the new company were concerned, the plan provided as follows: "The Board of Directors of said 'New Company' shall be five in number and elected for a term of one year or until their successors may be elected. The personnel of the Board of Directors and officers of the 'New Company' for the first year shall be subject to the approval of the Court."
On March 17, 1939, the court confirmed the said plan of reorganization and ordered that the new company mentioned in the plan should be known as the Camden Refrigerating & Terminals Co.Its charter and other documents necessary for the consummation of the plan were approved by the court. The said order contained the following references to the officers and directors of the new company:
"It is, on motion of Henry F. Stockwell, Counsel for said Trustees, found, determined, ordered, adjudged and decreed as follows:
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