IN RE THIRD AVENUE TRANSIT CORPORATION

Nos. 68-72, Docket 23141-23145.

222 F.2d 466 (1955)

In the Matters of THIRD AVENUE TRANSIT CORPORATION, Surface Transportation Corporation of New York, Westchester Street Transportation Company, Inc., The Westchester Electric Railroad Company, Warontas Press, Inc., Debtors. The Hanover Bank, as Trustee under the First Refunding Mortgage of Third Avenue Railway Company, dated December 20, 1911, Aaron A. Melniker, William Melniker and Clarence E. Pyle, Petitioning Creditors, O'Connell Committee for First Refunding Mortgage Bonds, James J. O'Connell, Chairman, and Harry R. Amott, Ralph H. Haas and Wadsworth Garfield, constituting the Independent Committee for First Refunding 4% Mortgage Bonds of Third Avenue Railway Company, Appellants. Tinker Committee for Adjustment Mortgage Bonds, Cross-Appellant.

United States Court of Appeals Second Circuit.

Decided May 5, 1955.


Attorney(s) appearing for the Case

Kelley, Drye, Newhall & Maginnes, New York City (Frank H. Heiss and W. Frederick Knecht, New York City, of counsel), for appellant, The Hanover Bank.

Hays, St. John, Abramson & Heilbron, New York City (Edward M. Garlock, New York City, of counsel), for petitioning creditors, Aaron A. Melniker, William Melniker and Clarence E. Pyle.

Murphy, Block, Sullivan & Sawyer, New York City (Mendel Lurie and Victor S. Gettner, New York City, of counsel), for appellant, O'Connell Committee for First Refunding Mortgage Bonds.

Harold P. Seligson, New York City, for appellant, Amott Committee.

Kresel & Meyerson and Baker, Obermeier & Rosner, New York City (Isidor J. Kresel, Irving L. Weinberger and Sidney S. Allen, New York City, of counsel), for appellant, Tinker Committee.

Saxe, Bacon, O'Shea & Bryan, New York City (William J. O'Shea, Edward D. Burns, John A. Kiser and Martin Fogelman, New York City, of counsel), for appellee, Lester T. Doyle, as Trustee in Reorganization.

Bergerman & Hourwich, New York City (Joseph Calderon, New York City, of counsel), for appellee, Third Avenue Ry. Co. Adjustment Bondholders' Committee (Lee Thompson Smith, Chairman).

William Mertens, New York City, for appellee, Committee on Behalf of Tort Claimants.

William H. Timbers, Gen. Counsel, David Ferber, Special Counsel, Aaron Levy, Washington, D. C., and Richard V. Bandler, New York City, Attys., for Securities and Exchange Commission.

Before MEDINA and HINCKS, Circuit Judges, and BURKE, District Judge.


MEDINA, Circuit Judge.

This is an appeal from an order of the District Court for the Southern District of New York, in proceedings for the reorganization of Third Avenue Transit Corporation and its subsidiaries under Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq., determining the status of $5,681,500 of bonds, certified under the First Refunding Mortgage of Third Avenue Railway Company, which were in the possession of the Debtor Third Avenue Transit...

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