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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

329 F.Supp. 702 (1971)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re Application for Authorization to Acquire Assets of the BOSTON AND PROVIDENCE RAILROAD CORPORATION.

United States District Court, E. D. Pennsylvania.

April 2, 1971.

Attorney(s) appearing for the Case

Marvin Comisky, Blank, Rome, Klaus & Comisky, Philadelphia, Pa., Sp. Counsel to the Trustees of the Debtor.

Morris Raker, Sullivan & Worcester, Boston, Mass., for the Trustee of the New York, New Haven and Hartford Railroad.

Walter H. Brown, Willkie, Farr & Gallagher, New York City, for the Institutional Investors Penn Central Group.

Morris Cheston, Jr., Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., for the Girard Trust Bank.

William Nelson, U. S. Dept. of Justice, Washington, D. C., for the United States of America.

Armistead B. Rood, Washington, D. C., for the Boston and Providence Railroad Stockholders Development Group.

OPINION

FULLAM, District Judge.

The Trustees have petitioned the Court for authorization to expend substantial sums of money and to incur certain obligations in order to purchase the fixed assets of the Boston & Providence Railroad Corporation, in implementation of a plan for the reorganization of that railroad. The proposed purchase would require the Trustees to make immediate cash payments totalling $2,810,000, and to incur indebtedness to the United...

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