[DOWNLOAD] "Commissioner of Internal Revenue v. United States & International Securities Corp." by United States Court of Appeals for the Third Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Commissioner of Internal Revenue v. United States & International Securities Corp.
- Author : United States Court of Appeals for the Third Circuit
- Release Date : January 24, 1942
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 74 KB
Description
In 1928 Berliner Stadische Elektrizitatswerke Aktiengesellschaft, Berlin Electric, arranged for a loan of 12,600,000 reichsmarks, the equivalent of about $3,000,000. The company gave its note, bearing interest at 8% to Siemens-Schuckertwerke Aktiengesellschaft for 12,600,000 reichsmarks. By its terms the note was payable in six semi-annual installments of 2,100,000 reichsmarks each, beginning on July 1, 1932, and ending upon January 1, 1935. Siemens assigned this note to Dillon, Read & Company. Siemens then gave its note, dated the same day as that of Berlin Electric and bearing interest at the same rate, payable also in six semi-annual installments in dollars approximately equivalent to the semi-annual installments due on the Berlin Electric note, to Dillon. The understanding was that Siemens dollar obligation was to be enforced to the extent, but only to the extent, that Berlin Electric defaulted on its obligation or to the extent that Berlin Electrics obligation on its note could not be converted into the number of dollars called for by Siemens obligation.