68 Minn. 468 | Minn. | 1897
The real question raised by this appeal is whether the court below abused its discretion when it refused to confirm a sale made by its order, and at public auction, of such assets of the
From the files and affidavits before the court upon the hearing of the motion to confirm, and from the order refusing to confirm, it appears that assets, real and personal, of a face value exceeding $100,000, were sold in parcels for the aggregate sum of $11,289. A committee of creditors had but a short time previously estimated the value of the real estate alone, carried upon the books of the bank as worth $22,347.52, at $10,204.20. At the sale- the real property brought $3,330. From the files and moving papers before the court, it was apparent that the personal property, principally notes and mortgages, was sold without much regard to its apparent value; and it was not made to appear at the hearing why this was, or, in a large number of instances, why the real estate was not sold for somewhere near its apparent value. The assets were sold at grossly inadequate prices, and the court properly exercised its discretion when refusing to confirm on this ground. Counsel for the purchasers criticise the affidavit of one of the creditors who opposed the confirmation, because the affiant, after making other asse. .mns as to the inadequacy of the amount realized, states his belief to be that the receiver could realize upwards of $20,000 out of the remaining assets. The suggestion of counsel is that, if this be true, the estate would not profit, because the receivership would be indefinitely prolonged at great expense.
Order affirmed.