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IN RE PENN CENTRAL TRANSPORTATION COMPANY

Nos. 71-1405, 71-1445.

454 F.2d 9 (1972)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Appeal of Richard Joyce SMITH, Trustee of the Property of the New York, New Haven and Hartford Railroad Company, Debtor, Appellant in No. 71-1405. Appeal of The FIDELITY BANK and Joseph F. McDonald, as Trustees under the Divisional First Mortgage dated as of December 31, 1968 of Penn Central Company (Now Penn Central Transportation Company, the Debtor), Appellants in No. 71-1445.

United States Court of Appeals, Third Circuit.

Decided January 4, 1972.

Attorney(s) appearing for the Case

Joseph Auerbach, Sullivan & Worcester, Boston, Mass. (James Wm. Moore, New Haven, Conn., Jas. Murray Howe, Morris Raker, Boston, Mass., Tate & Ervin, Philadelphia, Pa., on the brief), for appellant Richard Joyce Smith.

John N. Schaeffer, Jr., Philadelphia, Pa. (Morgan, Lewis & Bockius, Philadelphia, Pa., on the brief), for appellants Fidelity Bank and Joseph F. McDonald.

James E. Howard, Philadelphia, Pa. (Robert W. Blanchette, Marvin Comisky, Philip C. Patterson, Blank, Rome, Klaus & Comisky, Philadelphia, Pa., on the brief), for appellees Trustees of Property of Penn Cent. Transp. Co.

Before HASTIE, ADAMS and MAX ROSENN, Circuit Judges.

OPINION OF THE COURT

ADAMS, Circuit Judge.

In this case, we are presented with three issues for resolution. First, does the court in railroad reorganization proceedings under section 77 of the Bankruptcy Act, 11 U.S.C. § 205 (1964), have the power to order that proceeds from the sale of mortgaged properties be placed in a central depository rather than be placed in accordance with the terms of the mortgage agreements...

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