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TMT TRAILER FERRY, INC. v. ANDERSON

No. 18475.

292 F.2d 455 (1961)

TMT TRAILER FERRY, INC., Debtor, Arthur H. Shaffer and M. James Spitzer, Trustees; The Protective Committee for Independent Stockholders of TMT Trailer Ferry, Inc., Appellants, v. C. Gordon ANDERSON, As Trustee in Reorganization, Appellee.

United States Court of Appeals Fifth Circuit.

Rehearing Denied August 18, 1961.

Attorney(s) appearing for the Case

M. James Spitzer, New York City, Jackson L. Peters, Miami, Fla., for appellants Shaffer and Spitzer, Knight, Smith, Underwood & Peters, Miami, Fla., Reich, Spitzer & Feldman, New York City, of counsel.

Irwin L. Langbein, West Palm Beach, Fla., Malcolm S. Mason, New York City, for appellant Protective Committee, Langbein, Burdick & Silvian, West Palm Beach, Fla., of counsel.

Christopher C. Larimore, William P. Simmons, Jr., Miami, Fla., for appellee Anderson, Shutts, Bowen, Simmons, Prevatt & Boureau, Miami, Fla., of counsel.

Walter P. North, Gen. Counsel, David Ferber, Asst. Gen. Counsel, Paul Kemp, Atty., Aaron Levy, Asst. Chief Counsel, Div. of Corporate Regulation, S. E. C. Washington, D. C., for Securities and Exchange Commission.

Carl W. Painter, New York City, Claude Pepper, Miami Beach, Fla., for Allied Assets Corp., Donald Cronson, Cravath, Swaine & Moore, New York City, of counsel.

Francis D. Wheeler, Jacksonville, Fla., for Merrill-Stevens Drydock & Repair Co.

Before TUTTLE, Chief Judge, and CAMERON and JONES, Circuit Judges.

TUTTLE, Chief Judge.

This appeal tests the correctness of the order of the trial court, sitting as a bankruptcy court in a Chapter X reorganization proceeding, setting aside its previous order confirming a plan of reorganization. The answer depends upon the answer to the question: When is a plan of reorganization so far "consummated" as to deprive a trial court of its power to modify it or set it aside?

The tortuous trial of this litigation makes the present...

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