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MATTER OF PETROLEUM FUND

21 Misc.2d 1062 (1959)

In the Matter of Guaranty Trust Company of New York, as Trustee of the Petroleum Research Fund Created by Shell Oil Company Incorporated and Others.

Supreme Court, Special Term, New York County.

May 20, 1959.

Attorney(s) appearing for the Case

Davis Polk Wardwell Sunderland & Kiendl (Theodore Kiendl, Walter D. Fletcher, Andrew Y. Rogers, J. Dormer Cannon and Henry L. King of counsel), for petitioner.

Louis J. Lefkowitz, Attorney-General (P. Hodges Combier and Donald H. Holley of counsel), for State of New York.

Elisha Hanson, Arthur B. Hanson and Brown, Cross & Hamilton for American Chemical Society, respondent.

Edwin Jason Dryer for Independent Refiners Association of America, and others, intervenors-respondents.

Lowenstein, Pitcher, Spence, Hotchkiss, Amann & Parr for Quaker State Oil Refining Corp., and others, intervenors-respondents.

Winthrop, Stimson, Putnam & Roberts for South Penn Oil Company, intervenor-respondent.

Simpson Thacher & Bartlett for Lehman Brothers and others.

John G. Woods for Universal Oil Products Company.

JACOB MARKOWITZ, J.

This proceeding (Civ. Prac. Act, art. 79) was commenced in the Spring of 1956 by Guaranty Trust Company (hereinafter referred to as "Guaranty" for the purpose of obtaining the court's approval of a sale by Guaranty of the securities of Universal Oil Products Company (hereinafter referred to as "Universal"), which constituted substantially all the corpus of a charitable trust of which Guaranty was the trustee. After many hearings before...

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