In re UNITED STATES REALTY & IMPROVEMENT CO.
NATIONAL CITY BANK OF NEW YORK
v.
O'CONNELL et al.
Circuit Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
February 28, 1946.
February 28, 1946.
Attorney(s) appearing for the Case
Zalkin & Cohen, of New York City (Barney B. Fensterstock, Israel Akselrod, and Harry Zalkin, all of New York City, of counsel), for National City Bank.
Goldwater & Flynn, of New York City (Monroe Goldwater, Harry Rodwin, and George Kossoy, all of New York City, of counsel), for James J. O'Connell.
Wagner, Quillinan, Wagner & Tennant, of New York City, for United States Realty & Improvement Co. Debenture Holders' Protective Committee.
Scribner & Miller, of New York City, for C. Shelby Carter et al., constituting Debenture Holders Committee.
Ralph Montgomery Arkush, of New York City, for Trinity Buildings Corporation of New York First Mortgage Bondholders Committee.
Ralph Montgomery Arkush, Louis G. Bernstein, and Maurice Finkelstein, all of New York City, of counsel, for appellees.
Roger S. Foster, Sol., of Philadelphia, Pa., and George Zolotar, Atty., of New York City (Ezra Weiss, of Indianapolis, Ind., of counsel), for Securities and Exchange Commission.
Maurice B. & Daniel W. Blumenthal, of New York City, for Protective Committee for Stockholders of United States Realty & Improvement Co.
Before L. HAND, CHASE, and FRANK, Circuit Judges.
Circuit Court of Appeals, Second Circuit.
FRANK, Circuit Judge.
The agreements between the Bank and the trustee must be sharply differentiated from trustee's certificates which, issued for new and substantial consideration, must always be strictly enforced.1 Because the pledged asset constituted an essential ingredient of any reorganization, the original entry of the injunction order, as to the Bank, was amply justified.2 So, too, without the consent...
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