AUSTRIAN v. WILLIAMS


103 F.Supp. 64 (1952)

AUSTRIAN et al. v. WILLIAMS et al.

United States District Court S. D. N. Y.

Supplemental Opinion March 5, 1952.


Attorney(s) appearing for the Case

Austrian & Lance, New York City (Carl J. Austrian, Saul J. Lance, George H. Schwartz, and Isadore H. Cohen, all of New York City, of counsel), for plaintiffs.

Milton Pollack and Sullivan & Cromwell, all of New York City (Milton Pollack, Arthur H. Dean, and Henry N. Ess, III, all of New York City, of counsel), for defendants Williams, Stone, Finney, Philipp and Pardee.

Sullivan & Cromwell, New York City (Edward H. Green, Arthur H. Dean, Milton Pollack, and Henry N. Ess, III, all of New York City, of counsel), for defendants Catchings, Dulles, Weinberg, Sachs and Bowers.

William Power Maloney, New York City (William P. Maloney, I. Alfred Levy, Bernard Weiss, and Max Dorff, all of New York City, of counsel), for defendants Niven, Mendes, Clowes, Wagner, Sr., Brown, Bechert, and Friedman.

LeBoeuf & Lamb, New York City (Horace R. Lamb, Craigh Leonard, and William H. Campbell, all of New York City, of counsel), for defendants Fogarty and Freeman.

Murray D. Welch, New York City (Murray D. Welch, Murray D. Welch, Jr., New York City, of counsel), for defendants McCornack, Johnson and Eccles.

McGuigan & Kilcullen, New York City (E. Gayle McGuigan, New York City, of counsel), for defendant Baker.

Markle & Pasternak, New York City (Harry J. Pasternak, New York City, of counsel), for defendant Jonas.

Cahill, Gordon, Zachry & Reindel, New York City (John T. Cahill, Charles F. Detmar, Jr. and Harold S. Glendening, all of New York, of counsel), for defendant Dillon.

Louis E. Kilmarx, pro se.

Roger S. Foster, General Counsel, and Aaron Levy, Washington, D. C., for Securities and Exchange Commission, amicus curiae.


WEINFELD, District Judge*.

This case involves the affairs of Central States Electric Corporation, an investment company organized under the laws of Virginia, with its principal place of business in Richmond, Virginia. On February 23, 1942, the Corporation filed in the United States District Court for the Eastern District of Virginia a petition for reorganization under Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq., which...

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