184 FEDERAL REPORTER. �road be bought in by a majority of the bond holders. I myself do not see any fraud committed by these trustees. �The great objection, however, is that these bond holders commenced proceedings long ago under the foreclosure pro- ceedings to organize themselves into a body of men by a com- mittee for the purpose of buying the road. In regard to that it is to be said that tbey excluded nobody — none of the bond holders — from coming in on the same terms as themselves. They invited every one to corne in with them. These peti- tioners, representing a million and a half, who now hold these bonds, stood out and declined to come into the arrangement, and took no steps to protect themselves or the property. What right have they, when these parties spent money, time, and trouble to have this road sold, to claim ail the advantages which diligence and labor and money expended; and espe- ciaily the money for these debentures, in the idea that they ■were trying to get the road into the hands of a receiver and of keeping it up ? What right have they to come in now and Bay: "We avail ourselves of your labor, money, and time, for the siinple reason that you undertook to get this road sold for the purpose of paying yourselves as well as us ?" �Because these men co-operated and put themselves in con- dition to buy the road, it does not seem to me that they were, therefore, acting in any fraudulent manner. They deprived these petitioners of none of their rights. They were at liberty to join the syndicate, as it was called ; they were at liberty to bid ; they were at liberty to come in and make themselves parties. They did nothing of the kind. Were these bond holders, who purchased the road, to be put into the condition of a single man, who owned 12,000,000 out of 15,000,000 of bonds, I can see no reason why they should not take steps to have the road sold, and buy the road as cheap as they could get it, provided they cheated or hindered nobody in the matter. �This branch of the subject was not necessary to be decided here, and the parties may take an appeal from Judge Nelson'a decision. I onlymake these remarks for the consideration of counsel. �The present petition îs ovenrnled. ����
