George SPITZER, Henry Miller, Sr., Ellis & Co., and Gresham Street Nominees, Ltd., Appellants,
v.
Herman T. STICHMAN, Trustee of Hudson & Manhattan Railroad Company, Debtor, et al., Appellees.
In the Matter of HUDSON & MANHATTAN RAILROAD COMPANY, Debtor.
In Proceedings for the Reorganization of a Corporation Pursuant to Chapter X of the Bankruptcy Act.
United States Court of Appeals Second Circuit.https://leagle.com/images/logo.png
Argued February 11, 1960.
Decided May 11, 1960.
Attorney(s) appearing for the Case
Davis & Heffner, New York City (Benjamin Heffner and David M. Gerstein, New York City, on the brief), for appellants.
McGoldrick, Dannett, Horowitz & Golub, New York City (William W. Golub, Myron S. Isaacs and Warren A. Weiss, New York City, on the brief), for trustee of debtor, appellee.
Kelley, Drye, Newhall & Maginnes, New York City (Frank H. Heiss and Albert A. Eustis, New York City, on the brief), for Hanover Bank, as trustee under first lien and refunding mortgage of debtor, appellee.
Davis, Polk, Wardwell, Sunderland & Kiendl, New York City (Samuel F. Pryor, III, New York City, on the brief), for Morgan Guaranty Trust Co. of New York, trustee under mortgage dated Dec. 29, 1906 of debtor, appellee.
Percival E. Jackson and Theodore N. Tarlau, New York City, for first lien and refunding mortgage bondholders, appellees.
Aranow, Brodsky, Bohlinger, Einhorn & Dann, New York City, for Crockett Committee for first lien and refunding mortgage bondholders, appellees.
Harold P. Seligson and Morton E. Yohalem, New York City, for Haas Committee for first lien and refunding mortgage bondholders, appellees.
House, Grossman, Vorhaus & Hemley and Edward M. Garlock, New York City, for petitioning creditors, appellees.
James S. Kleinman, New York City, for first lien and refunding mortgage bondholders, appellees.
Thomas G. Meeker, Gen. Counsel, David Ferber, Asst. Gen. Counsel, Washington, D. C., Richard V. Bandler, Sp. Counsel, New York City, and Melvin Katz, Atty., Washington, D. C., for Securities and Exchange Commission, appellee.
Before MOORE, Circuit Judge, and SMITH and HERLANDS, District Judges.
United States Court of Appeals Second Circuit.
HERLANDS, District Judge.
This is an appeal by four common stockholders from an order of the district court approving the trustee's amended plan of reorganization of the debtor, Hudson & Manhattan Railroad Company, pursuant to Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq.
The problem of valuation presented in the reorganization proceeding was complicated by the possibility that some part or all of the debtor's commuter railroad plant...
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