(DOWNLOAD) "In Re New York" by Circuit Court of Appeals. Second Circuit ~ eBook PDF Kindle ePub Free
eBook details
- Title: In Re New York
- Author : Circuit Court of Appeals. Second Circuit
- Release Date : January 29, 1948
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 54 KB
Description
This is an appeal from the consummation order and final decree entered on September 11, 1947 in reorganization proceedings of New York, New Haven and Hartford Railroad Company which were begun in 1935 in the bankruptcy court for the District of Connecticut pursuant to section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205. Boston and Providence Railroad Corporation, whose trustee is the appellant, is being reorganized in the bankruptcy court for the District of Massachusetts. For an understanding of the appeal a brief statement is required of the relations which have existed between these two railroads before and during the New Haven proceedings. In 1888 Boston and Providence leased its lines for 99 years to Old Colony Railroad Company, which is a secondary debtor in the New Haven proceedings. In 1893 Old Colony made a 99 year lease of its railroad properties, including its leasehold interest in Boston and Providence, to New Haven, and the latter was operating the lines when its reorganization proceedings were commenced. Pursuant to orders made in the New Haven proceedings, these leases were rejected by the trustees of the respective lessees, and thereafter the properties of Boston and Providence were operated for the account of that corporation by the New Haven trustees pursuant to section 77, sub c(6) of the Bankruptcy Act, 11 U.S.C.A. § 205, sub. c(6). Such operation has given rise to a prior lien claim of large amount against Boston and Providence. The New Haven plan of reorganization, which has already been confirmed, contains provisions which contemplate acquisition by the New Haven of the properties of Boston and Providence in the event of confirmation of the Boston and Providence plan of reorganization by the bankruptcy court for the district of Massachusetts. The provisions of New Havens plan of reorganization require the purchase price for the Boston and Providence properties to be paid in specified securities and to include cancellation of the New Havens prior lien claim against Boston and Providence and cancellation of the latters unsecured claim against New Haven for damages arising from the rejection of its 99 year lease. Similar provisions are contained in the Boston and Providence plan of reorganization. As confirmation of that plan had not occurred before the making of the order now on appeal, the order provided for consummation of the major part of the New Haven plan upon the consummation date but did not provide for consummation of the provisions relating to acquisition of the Boston and Providence properties; and the court reserved jurisdiction by Article XI-2(o) of its order:
 "In Re New York" by Circuit Court of Appeals. Second Circuit ~ eBook PDF Kindle ePub Free){kind=link}