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IN RE PITTSBURGH TERMINAL COAL CORP.

No. 10143.

183 F.2d 520 (1950)

In re PITTSBURGH TERMINAL COAL CORP. Appeal of PITTSBURGH TERMINAL REALIZATION CORP.

United States Court of Appeals Third Circuit.

Decided July 24, 1950.

Attorney(s) appearing for the Case

Leonard H. Levenson, Pittsburgh, Pa., George Zolotar, New York City (Roger S. Foster, General Counsel, David Ferber, Special Counsel, Washington, D. C., Arthur A. Burck, New York City, Ellwood L. Englander, Washington, D. C., on the brief), for Securities and Exchange Commission.

James I. Marsh, Pittsburgh, Pa., for trustee.

Before MARIS, McLAUGHLIN and KALODNER, Circuit Judges.

McLAUGHLIN, Circuit Judge.

Under its plan for reorganization, the assets of Pittsburgh Terminal Coal Corporation were taken over by its successor corporation, the appellant, for the purposes of liquidation. The by-laws of the latter company limited it to an existence of five years, which could be extended for an additional five years. The by-laws also provided that the total yearly compensation to be paid an officer or director of the company for services was not...

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