9 Del. Ch. 123 | New York Court of Chancery | 1910
William M. Hope, the receiver, who, as one of the defendants, was appointed to make the sale under the decree of foreclosure of the mortgage, accepted from the Central Trust and Savings Company, trustee, a bid of $10,000; it being the only qualified bidder at the sale. Objection to
Evidence of witnesses was heard as to the value of the property, and their estimates varied from $30,000 to $50,000, and the objecting bondholder does not expect a bid of more than $20,000 at a re-sale. The possibility or probability of a higher bid mentioned in this indefinite way will not be considered as of weight upon the question of the confirmation of the sale. It has been held that a definite offer of a higher bid at a re-sale, obtained subsequent to the sale, will not justify the refusal of confirmation. Rogers v. Rogers Locomotive Co., 62 N. J. Eq. 111, 50 Atl. 10. Nor the guarantee of an advanced price at a re-sale. Harris v. Gunnell, 9 S. W. 376, 10 Ky. Law Rep. 419. Nor an opinion that a higher price can be obtained at a re-sale. Fidelity, etc., Co. v. Mobile, etc., Ry. Co. (C. C.), 54 Fed. 26. The courts have also held that mere inadequacy of price will not be sufficient, in the absence of fraud or irregularity in the manner of conducting a sale. Booth’s Ex’r v. Webster, 5 Harr. 129; Cowen v. Stevens & Co., 3 Harr. 494; Cowgill v. Cahoon, 3 Harr. 23; Roger v. Ocheltree, 4 Houst. 452. Here there are no allegations of fraud or irregularity; but in this case, even though there be a gross inadequacy of price, in view of the statement of the objecting bondholder that there is no prospect of a larger bid than $20,000, the sale should not be set aside upen the ground of inadequacy of price.
Assuming, however, that the property which sold for $10,000 to the committee of the bondholders’ protective asso
The petition of Elisha W. Meloney, asking that the sale be set aside, is dismissed, the costs thereof to be paid by the petitioner, and an order will be entered confirming the sale and requiring the purchaser to comply with the terms of the decree for the sale of the mortgaged premises.