In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor.
In re Petition of NEW YORK STATE URBAN DEVELOPMENT CORP.
United States District Court, E. D. Pennsylvania.https://leagle.com/images/logo.png
May 10, 1972.
May 10, 1972.
Attorney(s) appearing for the Case
Blank, Rome, Klaus & Comisky by Marvin Comisky, and Norman L. Holmes, Philadelphia, Pa., for Trustees, Penn Central.
Tate & Ervin by W. Bourne Ruthrauff, Philadelphia, Pa., for Richard Joyce Smith, Trustee New York, New Haven & Hartford RR.
Fox, Rothschild, O'Brien & Frankel by Nochem S. Winnet, Philadelphia, Pa., for First Natl. City Bank of N.Y.
Ballard, Spahr, Andrews & Ingersoll by Frederic L. Ballard, Philadelphia, Pa., for Girard Trust Bank and Morgan Guaranty Trust Co.
Morgan, Lewis & Bockius by John N. Schaeffer, Jr., Philadelphia, Pa., for The Fidelity Bank.
Kelley, Drye, Warren, Clark, Carr & Ellis by Edward Roberts, III, New York City, for Mfg. Hanover Trust Co. as trustee under Debtor's gold bond mortgage of 1897.
Dechert, Price & Rhoads by Matthew J. Broderick, Philadelphia, Pa., for Penn Central Co.
Willkie, Farr & Gallagher by Walter H. Brown, Jr., New York City, for Institutional Investors, Penn Central Group.
Sage, Gray, Todd & Sims by Herschel E. Sparks, Jr., New York City, for New York State Urban Development Corp.
United States District Court, E. D. Pennsylvania.
OPINION AND ORDER NO. 706
FULLAM, District Judge.
A petition (Document No. 1176) filed by the New York State Urban Development Corp. (hereinafter "UDC") involves one of several instances in which, before bankruptcy, the Debtor sold real estate, obtained and spent the proceeds, but failed to obtain releases of the property from the liens of various railroad mortgages.1
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