Company for an undisclosed amount. This allowed the $450,000 and $325,000 trusts to be paid and released. On March 18, the Walker Company sold the building back to First National, incurring a trust deed of $600,000. This triggered more stockholder lawsuits, which argued that Wynne was attempting to hide the company's financial distress. Although the stockholder suits were not successful, the reputation of First National Fire Insurance was severely damaged. On February 7, 1917, First National's stockholders approved the refinancing of the Southern Building. The structure was sold again to the Walker Company on February 14, and the Walker Company sold it back to First National on February 28 (now subject to a single trust deed of $900,000). On March 7, First National's board of directors agreed to form a new company—the Southern Realty Corporation, with Wynne as its president—to buy the Southern Building. On March 10, First National's shareholders were advised to trade their stock on a one-to-one basis for stock in the Southern Building, with any excess proceeds from the sale returning to First National stockholders as a dividend. On May 18, the Walker Company offered to buy the building for $1.8 million (to be paid with a first mortgage of $900,000, a second mortgage of $677,000, and the remainder by First National stockholders who wanted shares in the Walker Company). First National agreed to the Walker Co. sale, leading to a struggle for control of the Southern Building among the three entities. First National filed for voluntary bankruptcy on August 13, 1917. Wynne continued as president of the Southern Realty Corporation, which remained solvent. The bankruptcy led to extensive litigation, as shareholders who did not invest in the Walker Company sued to recover their investment in First National and the Walker Company fought to gain ownership of the Southern Building from the Southern Realty Corporation. During this litigation, First National's title to the building was reaffirmed, First National's deal to sell the building to the Walker Company was annulled, the sale of the building by First National to Southern Realty affirmed, and tenants sued over skyrocketing rents at the building. Southern Realty's investors unsuccessfully sued in July 1920 to have Southern Realty declared bankrupt. Additional court hearings in late July 1920 led to the sale of the Southern Building to the Walker Company in late August 1920. With the Walker Company assuming full control by October, Southern