The petitioner, having previously mortgaged its leasehold to secure a $7,000,000 bond issue, entered into a plan of modification on May 16, 1946 under which the bondholders exchanged their old bonds for new ones of the same face value, together with a corresponding number of shares of class A stock. The plan provided for the waiver of all unpaid interest amounting to $1,486,767.91 on the old bonds and further that all rights under the new...
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