B. S. F. Company v. Philadelphia National

This is an appeal from a judgment for the plaintiff in a declaratory judgment action. The plaintiff is The Philadelphia National
Bank (hereafter "Trustee"), Trustee under an Indenture securing an issue of debentures of the defendant, B.S.F. Company (hereafter
"B.S.F."). The result has been to adJudge B.S.F. in default under the Indenture. In the event of default by B.S.F. under
the Indenture it is required to redeem the debentures secured thereby at 105%. Two questions are presented by this appeal, viz., (1) under the circumstances of this case, was the sale by B.S.F. to Glen
Alden Corporation (hereafter "Glen Alden") of its stock interest in American Hardware Company a sale of "substantially all"
of its assets, and (2) if such sale is a sale of "substantially all" of its assets, is B.S.F. in default under the Indenture?