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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 71-2088.

474 F.2d 832 (1973)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Appeal of MORGAN GUARANTY TRUST COMPANY OF NEW YORK, Indenture Trustee under the New York Central and Hudson River Railroad Company Refunding and Improvement Mortgage, dated October 1, 1913.

United States Court of Appeals, Third Circuit.

Decided January 31, 1973.

Attorney(s) appearing for the Case

S. Hazard Gillespie, John J. McAtee, Jr., Stephen H. Case, Davis, Polk & Wardwell, New York City, for appellant.

Robert W. Blanchette, James E. Howard, Philadelphia, Pa., for appellee.

Before McLAUGHLIN, VAN DUSEN and ADAMS, Circuit Judges.

OPINION OF THE COURT

ADAMS, Circuit Judge.

The basis of this appeal is an order of the district court overseeing the reorganization of the Penn Central Transportation Company (Penn Central)1 permitting the use of certain escrowed funds for the improvement of an important freight yard.

Morgan Guaranty Trust Company (Morgan Guaranty), trustee under one of the mortgages of the Penn Central, challenges the order, alleging...

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