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IN RE AMERICAN ACOUSTICS

UNITED STATES DISTRICT COURT, DISTRICT OF NEW JERSEY


April 23, 1951

In re AMERICAN ACOUSTICS, Inc.

The opinion of the court was delivered by: FAKE

The issues now before the Court arise on objections to the making of allowances to John B. Shearer for his services as a Trustee, and to Milton M. Unger as counsel for divers interests during the pendency of these proceedings. These issues were referred by me to Referee Wheelans, and he has now made his report against the making of any allowances whatever to the petitioners, to which report petitioners object.

Much time has been spent in a study of the records and evidence in this case with a view to making some allowances if possible to these petitioners for some very commendable services rendered by each of them during the administration of this estate. However, after a reading of the exhaustive briefs, and the cases cited therein, together with a prolonged consideration of the facts involved, I am convinced that the Referee's conclusions are correct, and under the law as it now stands, no allowances can be made to either of the applicants. The Referee's report is so well considered that a further opinion of mine would be to burden the record with repetitious matter.

 Report of Referee on Allowance of Fees and Expenses

 To the Honorable Judges of the United States District Court for the District of New Jersey:

 The question here involved is whether certain allowances for fees and expenses should be made, and if so, in what amount.

 Facts Petitions are on file by the following named persons for the fees and expenses set opposite their names: Fees Expenses John B. Shearer, Receiver $ 200.00 Larkey, Mareiniss & Snyder, Attorneys for Receiver 600.00 John B. Shearer, Trustee 7,500.00 Douglas M. Hicks, Trustee (In addition to $ 5,000.00 heretofore granted as an interim allowance) 10,000.00 $ 51.80 Larkey, Mareiniss & Snyder, Attorneys for trustee (In addition to $ 7,500.00 heretofore granted as an interim allowance) 12,500.00 34.93 Milton M. Unger and Adrian M. Unger, Attorneys for petitioning creditors 250.00 146.20 Milton M. Unger and Adrian M. Unger, Attorneys for Debtor 1,000.00 17.56 Edward A. Kole, Attorney for preferred stockholders 1,500.00 C.H. Weelans, Referee 200.00 (To be paid to U.S. Clerk for Referees' Salary Fund) C.H. Weelans, Referee 200.00 (To be paid to U.S. Clerk for Referees' Salary Fund) C.H. Weelans, Referee 200.00 (To be paid to U.S. Clerk for Referees' Expense Fund)

19510423

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