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IN RE NEW YORK RAILWAYS CORPORATION

No. 322.

82 F.2d 739 (1936)

In re NEW YORK RAILWAYS CORPORATION. BRUKENFELD et al. v. NEW YORK RYS. CORPORATION et al.

Circuit Court of Appeals, Second Circuit.

March 27, 1936.

Attorney(s) appearing for the Case

Karelsen & Karelsen, of New York City (Godfrey Goldmark, Frank E. Karelsen, Jr., Max J. Rubin, Frederick Baum, and Max Freund, all of New York City, of counsel), for preferred stockholders' committee.

Shaine & Weinrib, of New York City (Edward C. Weinrib and Edward J. Mallin, both of New York City, of counsel), for preferred stockholders' protective committee.

Cotton, Franklin, Wright & Gordon, of New York City (Boykin C. Wright and J. A. Fowler, Jr., both of New York City, of counsel), for debtor-appellee.

Davis, Polk, Wardwell, Gardiner & Reed, of New York City (Edwin S. S. Sunderland and Thomas O'G. FitzGibbon, both of New York City, of counsel), for Guaranty Trust Co. of New York, as trustees under income mortgage.

Cravath, De Gersdorff, Swaine & Wood, of New York City (Robert T. Swaine, Edward S. Pinney, and Herbert J. Jacobi, all of New York City, of counsel), for managers under the plan.

Before MANTON, L. HAND, and AUGUSTUS N. HAND, Circuit Judges.

MANTON, Circuit Judge.

Appellants are two committees representing preferred stockholders and appeal from orders entered below, questioning whether the debtor was insolvent and whether the plan of reorganization is fair and equitable. The special master heard the proofs and held that the debtor was insolvent and that the plan proposed was fair and equitable. The District Court confirmed his report.

The balance sheet of December 31, 1934, submitted with the...

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