In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor.
In re PENNCO SETTLEMENT AGREEMENT.
United States District Court, E. D. Pennsylvania.https://leagle.com/images/logo.png
April 16, 1973.
April 16, 1973.
Attorney(s) appearing for the Case
Paul, Weiss, Wharton, Rifkind & Garrison, by Simon H. Rifkind, Gerald Stern, John E. Massengale, Peter Westen, Washington, D. C., and Charles R. Dickey, New York City, for trustees, Penn Cent. Transp. Co.
Sullivan & Worcester, by Joseph Auerbach, Edward Woll, Jr., Boston, Mass., and Laura S. Zucker, Boston, Mass., and Gratz, Tate, Spiegel, Ervin & Ruthrauff, by Spencer Ervin, Jr., Philadelphia, Pa., for Richard Joyce Smith, trustee, New York, N. H. & H. R. Co.
Reavis & McGrath, by Lawrence W. Boes, and Leonard M. Leiman, New York City, for special representatives Noyes Leech and Robert H. Mundheim.
David Berger, P. A., by David Berger and Michael Simon, Philadelphia, Pa., for Penn Cent. Co.
Wolf, Popper, Ross, Wolf & Jones, by Benedict Wolf, New York City, and Goodis, Greenfield, Henry, Shaiman & Levin, by Richard L. Gerson, Philadelphia, Pa., for Anita Brady.
Montgomery, McCracken, Walker & Rhoads, by John S. Estey, Philadelphia, Pa., for National Bank of Detroit.
James F. Dausch, Department of Justice, for United States of America.
Fox, Rothschild, O'Brien & Frankel, by Nochem S. Winnet, Philadelphia, Pa., for First Nat. City Bank of New York.
Ballard, Spahr, Andrews & Ingersoll, by Richardson Blair, Philadelphia, Pa., for Girard Trust Bank.
Davis, Polk & Wardwell, by Stephen Case, New York City, for Morgan Guaranty Trust Co. of New York.
O'Melveny & Myers, by Donald Wessling, Los Angeles, Cal., for Pennsylvania Co.
Drinker, Biddle & Reath, by Jack B. Justice, Philadelphia, Pa., for Chase Manhattan Bank and Girard Trust Bank.
Wolf, Block, Schorr & Solis-Cohen, by Bernard Chanin, Philadelphia, Pa., for First Pennsylvania Banking & Trust Co., Indenture Trustee.
United States District Court, E. D. Pennsylvania.
OPINION AND ORDER NO. 1189
FULLAM, District Judge.
The Debtor owns 100% of the common stock of the Pennsylvania Company, which is essentially a holding company for a variety of corporate enterprises, principally in non-railroad fields. In early 1969, and for some time previously, the Debtor was indebted to a group of banks in the sum of $100 million, represented by short-term unsecured notes. In April of 1969...
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