IN RE INTERBOROUGH-MANHATTAN RECEIVERSHIP PROCEEDINGS


1 F.Supp. 828 (1932)

In re INTERBOROUGH-MANHATTAN RECEIVERSHIP PROCEEDINGS.

District Court, S. D. New York.

November 5, 1932.


Attorney(s) appearing for the Case

Charles Franklin, of New York City, for plaintiff Benjamin F. Johnson et al.

Louis Boehm, of New York City, for Lillian Boehm, intervener.

Breed, Abbott & Morgan, of New York City, for the American Brake Shoe & Foundry Co.

James L. Quackenbush, of New York City, for Interborough Rapid Transit Co.

Hughes, Schurman & Dwight, of New York City, for William Roberts, receiver of Manhattan Ry. Co.

Hornblower, Miller, Miller & Boston, of New York City, for receivers of Interborough Rapid Transit Co.

Davis, Polk, Wardwell, Gardiner & Reed, of New York City, for the 7 Per Cent. Noteholders' Committee and 5 Per Cent. Bondholders' Committee, both committees of Interborough Rapid Transit Co. securities.

Root, Clark & Buckner, of New York City, for committee of Interborough Rapid Transit Co. Ten-Year 6 Per Cent. Gold Notes.

Cotton, Franklin, Wright & Gordon, of New York City, for Protective Committee of Manhattan Consolidated 4's.

Davies, Auerbach & Cornell, of New York City, for Central Hanover Bank & Trust Co.

Milbank, Tweed, Hope & Webb, of New York City, for Chase Nat. Bank, trustee under Manhattan Ry. Co. second mortgage.

Marshall & Wehle, of New York City, for Harold Palmer et al., acting as Protective Committee for 7 Per Cent. Guaranteed stock of Manhattan Ry. Co.


WOOLSEY, District Judge.

This motion is denied without prejudice to its renewal before the appropriate judge.

I. The objective of a court which has to deal with the administration of estates in equity receiverships should be unity of supervision as rule 4 of the Equity Rules of this court witnesses.1

With that objective in view I provided in my order of October 18th, in which, inter alia, I vacated the appointment of the...

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