BANKERS TRUST CO. v. GEBHART

No. 190, Docket 22274.

195 F.2d 238 (1952)

BANKERS TRUST CO. v. GEBHART et al.

United States Court of Appeals Second Circuit.

Decided March 5, 1952.


Attorney(s) appearing for the Case

White & Case, New York City (Jesse E. Waid, William St. John Tozier and Edward J. Kenn, all of New York City, of counsel), for trustee.

Reese D. Alsop, New York City, Hunt, Hill & Betts, New York City, of counsel, for Refunding Mortgage Bondholders Committee.

Elbert N. Oakes, Middletown, N. Y., for debtor.

W. Meade Fletcher, Jr., Washington, D. C. (Solis Horwitz, and Geo. E. M. McConley, Washington, D. C., of counsel), for Reconstruction Finance Corp., amicus curiae.

Before AUGUSTUS N. HAND, CHASE and FRANK, Circuit Judges.


FRANK, Circuit Judge.

About fifteen years ago, the debtor railroad went into, and has since remained in, bankruptcy-reorganization proceedings. No reorganization plan has been proposed during the past twelve years, i. e., since 1940 when the I. C. C. refused to approve a plan then proposed by the debtor "unless and until further operations of the property disclose the possibility of more profitable operations than is at present possible."1...

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