Cornell Law Review Volume 19 Article 3 Issue 1 December 1933 Creditor Control of Corporations Operating Receiverships Corporate Reorganizations Chester Rohrlich Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation Chester Rohrlich, Creditor Control of Corporations Operating Receiverships Corporate Reorganizations, 19 Cornell L. Rev. 35 (1933) Available at: http://scholarship.law.cornell.edu/clr/vol19/iss1/3 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact
[email protected]. CREDITOR CONTROL OF CORPORATIONS; OPERATING RECEIVERSHIPS; COR- PORATE REORGANIZATIONS* CHESTER RoHRmicnt A corporation is, on a smaller scale (in some instances on a larger scale), like the political state, in that beneath the cloak of its unity there is a continuous, at times active but more frequently passive, struggle for power among the various groups in interest. Some of these groups, such as the public that deals with it or the employees who work for it, have as yet achieved only the the barest minimum of legal right to control its destinies.' In the arena of the law, the traditional conflict is between the stockholders2 and the creditors. There is an increasing convergence of interest between these two groups as the former become more and more "investors" rather than entrepreneurs, and the latter less and less inclined, or able, to stand on the letter of their bond'3 both are in the last analysis dependent *This article is the substance of one of the chapters of the author's forthcoming book THE LAW AND PRACTICE OF CORPORATE CONTROL.