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IN RE IMPERIAL "400" NATIONAL, INC.

Nos. 18804-18809.

432 F.2d 232 (1970)

In re IMPERIAL "400" NATIONAL, INC., a Delaware corporation, et al. Chemical Bank of New York Trust Company, as Trustee under Bank Agreement, dated August 11, 1950, as amended, with the General Tire & Rubber Company, relating to the General Tire & Rubber Company Non-contributory Pension Plan; First National Bank of Akron, Trustee of the Pension Plan for Salaried Employees of the General Tire & Rubber Company; Bank of America, National Trust and Savings Association, as Trustee for Aerojet-General Corporation Noncontributory Pension Plan Trust PWP-12829; Bank of America, National Trust and Savings Association, as Trustee for Aerojet-General Corporation Salaried Employees Retirement Plan Trust PNP-13840; Union Bank and Unsecured Creditors' Committee; Thomas J. O'Neill and Joseph M. Nolan, Respondents. Appeal of CHEMICAL BANK OF NEW YORK TRUST COMPANY, as Trustee under Bank Agreement, dated August 11, 1950, as amended, with the General Tire & Rubber Company, relating to the General Tire & Rubber Company Noncontributory Pension Plan, in 18,804. Appeal of FIRST NATIONAL BANK OF AKRON, Trustee of the Pension Plan for Salaried Employees of the General Tire & Rubber Company, in 18,805. Appeal of BANK OF AMERICA, National Trust and Savings Association, as Trustee for Aerojet-General Corporation Noncontributory Pension Plan Trust PWP-12829, in 18,806. Appeal of BANK OF AMERICA, National Trust and Savings Association, as Trustee for Aerojet-General Corporation Salaried Employees Retirement Plan Trust PNP-13840, in 18,807. Appeal of UNION BANK, in 18,808. Appeal of UNSECURED CREDITORS' COMMITTEE, in 18,809.

United States Court of Appeals, Third Circuit.

Decided August 18, 1970.

As Amended September 4, 1970.

Second Amendment September 29, 1970.

Supplemental Opinion and Rehearing Denied September 29, 1970.

Attorney(s) appearing for the Case

Alvin Weiss, Riker, Danzig, Scherer & Brown, Newark, N. J., for appellants in Nos. 18804-18807.

Laurence W. Levine, Walsh & Levine, New York City, for appellant in No. 18808.

Sheldon Schachter, Newark, N. J., for appellant in No. 18809.

David Ferber, S.E.C., Washington, D. C., on the side of appellants.

Joseph M. Nolan, Nolan & Lynes, Newark, N. J., for appellee trustee.

Before FREEDMAN, VAN DUSEN and ADAMS, Circuit Judges.

Supplemental Opinion and Rehearing En Banc Denied September 29, 1970.

OPINION OF THE COURT

VAN DUSEN, Circuit Judge.

This is an appeal from the December 22, 1969, District Court order granting ad interim allowances of $90,000. to the trustee in reorganization and of $125,000. to his attorney. Appellants Union Bank, a creditor, and the Unsecured Creditors' Committee contend that the order should be reversed; the Securities and Exchange Commission...

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