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CAPLIN v. MARINE MIDLAND GRACE TRUST CO. OF NEW YORK

No. 327, Docket 32586.

439 F.2d 118 (1971)

Mortimer M. CAPLIN, Trustee in Reorganization of Webb & Knapp, Inc., on behalf of debenture-holders under a trust indenture of Webb & Knapp, Inc. to the Marine Midland Trust Company of New York, trustee, dated as of June 1, 1954, Plaintiff-Appellant, v. The MARINE MIDLAND GRACE TRUST COMPANY OF NEW YORK, Defendant-Appellee. In the Matter of WEBB & KNAPP, INC. and Subsidiaries, Debtors, Mortimer M. Caplin, Trustee in Reorganization of Webb & Knapp, Inc. and Subsidiaries, Trustee-Appellant (two cases). In the Matter of WEBB & KNAPP, INC. and Subsidiaries, Debtors, the Marine Midland Grace Trust Company of New York, Claimant-Appellant.

United States Court of Appeals, Second Circuit.

Decided March 3, 1971.

Ordered January 13, 1971.

Attorney(s) appearing for the Case

Charles H. Miller, New York City (Marshall, Bratter, Greene, Allison & Trucker, New York City, of counsel), for Chapter X trustee-appellant and cross-appellee.

John Dickey, New York City (Sullivan & Cromwell, New York City, of counsel), for indenture trustee and cross-appellant.

Paul Gonson, Washington, D. C. (David Ferber, Sol., S. E. C.), for S. E. C.

Before LUMBARD, Chief Judge, and MOORE, FRIENDLY, SMITH, KAUFMAN, HAYS and ANDERSON, Circuit Judges.

En Banc ordered January 13, 1971.

FRIENDLY, Circuit Judge:

We have three appeals and a cross-appeal from orders of Judge McLean concerning the reorganization of Webb & Knapp, Inc. under Chapter X of the Bankruptcy Act which is now pending in the District Court for the Southern District of New York. All relate to complaints by the Chapter X Trustee, Mortimer M. Caplin, concerning alleged failure on the part of The Marine Midland Grace Trust Company of New...

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