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IN RE PENN CENTRAL TRANSPORTATION COMPANY

Nos. 74-1362 and 74-1447.

508 F.2d 270 (1975)

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, No. 74-1362. Appeal of BANK OF NEW YORK et al., No. 74-1447.

United States Court of Appeals, Third Circuit.

Decided January 22, 1975.

Attorney(s) appearing for the Case

Joseph Auerbach, Morris Raker, Charles W. Morse, Jr., Laura Steinberg, Boston, Mass., for appellant, Richard Joyce Smith, Trustee; James Wm. Moore, New Haven, Conn., Gratz, Tate, Spiegel, Ervin & Ruthrauff, Philadelphia, Pa., Sullivan & Worcester, Boston, Mass., of counsel.

Edward Roberts, III, James R. Hilton, Indenture Trustees, New York City, Liaison Counsel for appellant; Proskauer, Rose, Goetz & Mendelsohn, White & Case, New York City, Morgan, Lewis & Bockius, Philadelphia, Pa., Kelley, Drye, Warren, Clark, Carr & Ellis, New York City, of counsel.

Carla A. Hills, Asst. Atty. Gen., Robert E. J. Curran, U. S. Atty., Morton Hollander, David J. Anderson, James F. Dausch, Sp. Lit. Unit, Civ. Div., Attys., Dept. of Justice, Washington, D. C., for the United States of America, appellee.

James E. Howard, Philadelphia, Pa., for appellees, The Trustees of the Property of Penn Central Trans. Co., Debtor.

Before ADAMS, GIBBONS and WEIS, Circuit Judges.

OPINION OF THE COURT

GIBBONS, Circuit Judge.

These appeals, taken pursuant to the Bankruptcy Act, 11 U.S.C. § 47, seek review of Orders No. 1480 and No. 1509 entered in the Penn Central reorganization proceedings. Order No. 1480 authorizes the trustees in reorganization to enter into an agreement with the Secretary of Transportation with respect to certain equipment obligations, and Order No. 1509 declines to modify Order No. 1480 in certain requested...

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