APPLICATION OF REALTY ASSOCIATES SECURITIES CORP.

No. 45024.

58 F.Supp. 220 (1944)

Application of REALTY ASSOCIATES SECURITIES CORPORATION. Application of TRUSTEES OF REALTY ASSOCIATES SECURITIES CORPORATION.

District Court, E. D. New York.

June 24, 1944.


Attorney(s) appearing for the Case

Halpin & Keogh, of New York City (Eugene J. Keogh and Edward S. St. John, both of New York City, of counsel), for trustees.

Auchincloss, Alley & Duncan, of New York City (James B. Alley and Charles R. Lowther, both of New York City, of counsel), for debtor.

George Zolotar, of New York City (Kiva Berke, of New York City, of counsel), for Securities and Exchange Commission.

Percival E. Jackson, of New York City (Theodore N. Tarlau, of New York City, of counsel), for John Vanneck et al.

Lewis, Marks & Kanter, of Brooklyn (Jack L. Rappaport, of New York City, of counsel), for Bondholders Protective Committee.

Julius Silver, of New York City, for Bondholders Protective Committee.

Archibald Palmer, of New York City, for Anna A. Kuhlmann and Catherine Kuhlmann.

Joseph R. Margulies, of New York City, for Bondholders Ernestine Needles et al.

Herrick & Feinstein, of Brooklyn (Abraham Feinstein, of Brooklyn, N. Y., of counsel), for Bondholders Directors Committee.

Newman & Bisco, of New York City (Perry A. Hull, of New York City, of counsel), for Manufacturers Trust Co. as Trustee under Indenture, dated July 10, 1933.

James F. Dealy, of New York City, for Amalgamated Properties, Inc.

Irving L. Schanzer, of New York City, for Prudence Realization Corporation.

Root, Clark, Buckner & Ballantine, of New York City (William P. Palmer, of New York City, of counsel), for Consolidated Realty Corporation.

Charles J. Buchner, of Brooklyn, for Mary C. O'Neil.

Edwin L. Smart, of Brooklyn (Frank McCabe, of Brooklyn, of counsel), for bondholders Wyckoff et al.

Charles Buermann, bondholder.

Jerome Thralls, trustee.


MOSCOWITZ, District Judge.

The Trustees have applied for instructions regarding a present distribution of excess, sterile cash as a part payment of principal to the debtor's bondholders.

During the operation of the debtor's business since September 28, 1943, when the petition was filed, the Trustees have come into possession of large sums of cash and had on hand on April 29, 1944, the sum of $844,239.99. In addition, they held securities which are legal investments...

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