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IN RE PHILADELPHIA & READING COAL & IRON CO.

No. 7072.

104 F.2d 126 (1939)

In re PHILADELPHIA & READING COAL & IRON CO. Appeal of SCHRAGER et al.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied May 15, 1939.

Attorney(s) appearing for the Case

Archibald Palmer, of New York City, and Jenkins, Bennett & Libby, of Philadelphia, Pa. (Archibald Palmer and Samuel Masia, both of New York City, on the brief), for appellants.

Alan Hays, of New York City, for New York Bondholders Committee.

David Bortin, of Philadelphia, Pa., for New York debenture holders.

Carl W. Funk and Henry S. Drinker, Jr., both of Philadelphia, Pa., for committee.

W. James MacIntosh and Arthur Littleton, both of Philadelphia, Pa. (Morgan, Lewis & Bockius, of Philadelphia, Pa., of counsel), for Philadelphia & Reading Coal & Iron Co. appellee.

Allen Hunter White and Frederic L. Ballard, both of Philadelphia, Pa. (Ballard, Spahr, Andrews & Ingersoll, of Philadelphia, Pa., of counsel), for Schofield Andrews, Reid Kennedy, George A. Barnewall, William F. Walsh and Cornelius A. Sullivan, Protective Committee for Holders of Philadelphia & Reading Coal & Iron Co. Twenty-Year Convertible 6% Debenture Bonds.

Before BIGGS, MARIS, and CLARK, Circuit Judges.

MARIS, Circuit Judge.

Section 156 of the Bankruptcy Act as amended by the Chandler Act, 11 U.S.C. § 556, 11 U.S.C.A. § 556, provides that upon the approval of a petition for reorganization under Chapter X the judge shall appoint one or more trustees if the indebtedness of the debtor is $250,000 or over. Section 276(c) (2), 11 U.S.C. § 676(c) (2), 11 U.S.C.A. § 676(c) (2), provides that if the petition was approved more than three months before...

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