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IN RE PENN CENTRAL TRANSPORTATION COMPANY

Nos. 71-1066, 71-1151.

452 F.2d 1107 (1971)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Appeal of STATE OF NEW YORK, 71-1066. Appeal of STATE OF NEW JERSEY, 71-1151.

United States Court of Appeals, Third Circuit.

Decided December 28, 1971.

Attorney(s) appearing for the Case

Vincent P. Molineaux, Asst. Atty. Gen., State of N. Y., Dept. of Law, Albany, N. Y., for appellant.

Edwin P. Rome, Blank, Rome, Klaus & Comisky, Philadelphia, Pa., for appellee.

Before SEITZ, Chief Judge, and KALODNER and GIBBONS, Circuit Judges.

OPINION OF THE COURT

SEITZ, Chief Judge.

Shortly after the trustees were appointed to reorganize Penn Central Transportation Company, it became apparent that anticipated revenues from company operations and other sources would be insufficient to meet its current operating obligations. A substantial part of its current obligations consists of tax assessments levied by various states and their municipalities on property owned or leased by Penn Central. Annually...

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