IN RE PHILADELPHIA & READING COAL & IRON CO.

Nos. 7102, 7128.

105 F.2d 354 (1939)

In re PHILADELPHIA & READING COAL & IRON CO. Appeals of SCHRAGER.

Circuit Court of Appeals, Third Circuit.

June 30, 1939.


Attorney(s) appearing for the Case

Archibald Palmer, of New York City, and Jenkins, Bennett & Libby, of Philadelphia, Pa., for appellant.

Arthur Littleton, of Philadelphia, Pa. (Morgan, Lewis & Bockius, of Philadelphia, Pa., of counsel), for debtor.

Cecil B. Ruskay, of New York City, and David Bortin, of Philadelphia, Pa., for New York Debentureholders' Protective Committee.

Chester T. Lane, Gen. Counsel, Securities and Exchange Commission, and Joseph L. Weiner, both of Washington, D. C., Morton E. Yohalem, of New York City, Martin Riger and Leon S. Alschuler, both of Washington, D. C. (J. Anthony Panuch, of New York City, of counsel), for the Securities and Exchange Commission.

Thomas Reath and Drinker, Biddle & Reath, all of Philadelphia, Pa., for Philadelphia Bondholders' Committee.

Allen Hunter White and Ballard, Spahr, Andrews & Ingersoll, all of Philadelphia, Pa., for Philadelphia Debenture Committee.

Before BIGGS, MARIS, and CLARK, Circuit Judges.


MARIS, Circuit Judge.

The Philadelphia and Reading Coal and Iron Company filed a debtor's petition for reorganization under Sec. 77B of the Bankruptcy Act, 11 U.S.C.A. § 207, in the district court for the Eastern District of Pennsylvania on February 26, 1937. On the same day the petition was approved by the court and the debtor was continued in possession of its properties.

On January 5, 1939 Lawrence Schrager and others, holders of debenture bonds of...

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