In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor.
Petition of DETROIT BANK AND TRUST COMPANY, Liquidating Trustee.
United States District Court, E. D. Pennsylvania.https://leagle.com/images/logo.png
January 4, 1972.
January 4, 1972.
Attorney(s) appearing for the Case
Blank, Rome, Klaus & Comisky by Gilbert Stein, and Goncer M. Krestal, and Eugene Anderson, Carl Helmetag, Jr., and James Howard, Philadelphia, Pa., for the Trustees, Penn Central Transportation Co.
Dechert, Price & Rhoads, by Norma L. Shapiro, Philadelphia, Pa., for Penn. Central Co.
Farage & Shrager, by Donald J. Farage, Philadelphia, Pa., for Penn Central Co.
Ballard, Spahr, Andrews & Ingersoll, by Richardson Blair, and Alan Fellheimer, Philadelphia, Pa., for Girard Trust Bank.
Dilworth, Paxson, Kalish, Levy & Coleman, by David Pittinsky, Philadelphia, Pa., for Irving Trust Co.
Fox, Rothschild, O'Brien & Frankel, by Nochem S. Winnet, Philadelphia, Pa., for First National City Bank of New York.
Sullivan & Worcester, by Joseph Auerbach, Boston, Mass., and Tate & Ervin, by Spencer Ervin, Jr., and W. Bourne Ruthrauff, Philadelphia, Pa., for the Trustee, New York, New Haven & Hartford Railroad.
Morgan, Lewis & Bockius, Philadelphia, Pa., for The Fidelity Bank.
Kelley, Drye, Warren, Clark, Carr & Ellis by Robert L. Crawford, New York City, for Manufacturers Hanover Trust Co., Bankers Trust Co., Irving Trust Co., and The Fidelity Bank.
Duane, Morris & Heckscher by Michael M. Baylson, Philadelphia, Pa., for Bankers Trust Co. and New England Merchants National Bank of Boston.
Amram, Hahn & Sundlun, by Bardyl Rifat Tirana, Washington, D. C., for Executive Jet Aviation, Inc.
Vorys, Sater, Seymour & Pease, by Thomas Ridgley, Columbus, Ohio, for employees of Executive Jet Aviation, Inc.
Wachtell Lipton, Rosen & Katz, by Leonard Rosen, New York City, for the Pennsylvania Co.
Miller, Canfield, Paddock & Stone, by Gilbert E. Gove, and Peter Thurber, Detroit, Mich., for Detroit Bank & Trust Co.
Richards, Layton & Finger, by Richard J. Abrams, Wilmington, Del., for Bruce Sundlun.
Pitney, Hardin & Kipp, by John A. Boyd, Newark, N. J., for National Newark & Essex Bank.
Davis, Polk & Wardwell, by Douglas M. Galin, New York City, for Morgan Guaranty Trust Co.
United States District Court, E. D. Pennsylvania.
MEMORANDUM
FULLAM, District Judge.
The petitioner, Detroit Bank and Trust Company, liquidating trustee, seeks approval of the sale of the Debtor's interest in Executive Jet Aviation, Inc. and its subsidiaries ("EJA"). The Debtor, through its subsidiary, American Contract Company ("ACC"), has equitable ownership of 659,450 shares of EJA's capital stock and of debt obligations of EJA totalling more than $21,000,000. Legal title to the stock and debt obligations...
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