In re The PITTSBURGH AND LAKE ERIE RAILROAD COMPANY SECURITIES AND ANTITRUST LITIGATION,
Appeal of OBJECTOR IRVING TRUST COMPANY, as Trustee.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued May 4, 1976.
Decided September 1, 1976.
Attorney(s) appearing for the Case
David H. Pittinsky, Lawrence D. Berger, Dilworth, Paxson, Kalish & Levy, Philadelphia, Pa., for appellant; Stephen A. Weiner, Winthrop, Stimson, Putnam & Roberts, New York City, of counsel.
Gilbert J. Helwig, Reed, Smith, Shaw & McClay, Pittsburgh, Pa., Liaison Counsel, for defendants-appellees.
Victor Wright, Henry C. Fader, Fox, Rothschild, O'Brien & Frankel, Philadelphia, Pa., for plaintiffs-appellees.
Frederick N. Egler, Egler & Reinstadtler, Pittsburgh, Pa., Phillip H. Strubing, Nancy J. Gellman, Pepper, Hamilton & Scheetz, Thomas M. Kittredge, Arthur R. Littleton, Morgan, Lewis & Bockius, Lewis H. Van Dusen, Jr., Raymond K. Denworth, Jr., Drinker, Biddle & Reath, Thomas B. Rutter, Mitchell S. Pinsly, Joseph Neff Ewing, Jr., Saul, Ewing, Remick & Saul, Philadelphia, Pa., Eben H. Cockley, Robert J. Hoerner, Jones, Day, Cockley & Reavis, Cleveland, Ohio, John J. McCarty, James F. Mundy, Raynes, McCarty & Binder, Philadelphia, Pa., J. Howe Brown, Booth, Prichard & Dudley, Fairfax, Va., for defendants-appellees.
Before ALDISERT, GIBBONS and GARTH, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
GIBBONS, Circuit Judge.
Appellant Irving Trust Company (Irving) is a trustee under two trust indentures executed by the predecessors of Penn Central Transportation Company (Penn Central) in anticipation of the public sale of their bonds. Pursuant to the terms of these indentures Penn Central pledged with and delivered to Irving as security a total of 116,698 shares of its stock in The Pittsburgh and Lake Erie Railroad Company (P&...
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