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IN RE CHICAGO RAPID TRANSIT CO.

No. 10523.

196 F.2d 484 (1952)

In re CHICAGO RAPID TRANSIT CO. et al. THOMAS et al. v. FALLON et al.

United States Court of Appeals, Seventh Circuit.

April 18, 1952.

Attorney(s) appearing for the Case

Edward S. Macie, Chicago, Ill., for appellants.

Thomas B. Hart, J. Kirk Windle, Edward P. McGuire, all of Chicago, Ill., Roger S. Foster, General Counsel, David Ferber, Special Counsel, Myer Feldman, Attorney, all of Washington, D. C., for Securities and Exchange Commission.

John D. Black and Frank H. Towner, for Chicago Junction Ry. Co., appellee, and Thomas L. Marshall, David A. Watts and Herbert M. Johnson, Chicago, Ill., for Bernard J. Fallon, Trustee, etc., appellee.

Before KERNER, DUFFY, and LINDLEY, Circuit Judges.

KERNER, Circuit Judge.

This appeal presents only one question, whether the District Court, during the course of a very complex public utility reorganization proceeding, may authorize the payment by the debtor of the sum of $1,125,000 to compromise mutual claims between the debtor and a former lessor solely on the basis of expediency and the desire to forestall further lengthy and expensive litigation, with no attempt at considering the relative merits of the conflicting...

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