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IN RE THIRD AVE. TRANSIT CORP.

No. 101, Docket No. 22099.

198 F.2d 703 (1952)

In re THIRD AVE. TRANSIT CORP. et al. MELNIKER et al. v. LEHMAN et al.

United States Court of Appeals Second Circuit.

July 10, 1952.

Attorney(s) appearing for the Case

Hays, St. John, Abramson & Schulman, Robert Irving Lenox, New York City (Edward M. Garlock and Osmond K. Fraenkel, New York City, of counsel), for appellants.

Saxe, Bacon, O'Shea & Bryan, New York City (William J. O'Shea, Edward D. Burns, James J. Geraghty and John A. Kiser, New York City, of counsel), for appellees.

Roger S. Foster, David Ferber, Lawrence M. Greene and Robert L. Randall, Washington, D. C., for Securities and Exchange Commission.

Harold P. Seligson, New York City, for First Mortgage Bondholders.

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

FRANK, Circuit Judge.

The bankruptcy court had the power, in appropriate circumstances, under Section 116, sub. 2 of the Bankruptcy Act, to authorize the borrowing of money, from voluntary lenders, on trustees' certificates, having a lien on mortgage assets superior to previously existing mortgage liens.3 To substitute for the use of that power — which itself must be most cautiously employed...

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