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MATTER OF PENN CENTRAL TRANSP. CO.

No. 70-347.

413 F.Supp. 99 (1976)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re SALE OF LEASEHOLD INTEREST TO A & G PLASTICS CORPORATION.

United States District Court, E. D. Pennsylvania.

April 14, 1976.

Attorney(s) appearing for the Case

John B. Rossi, Jr., Philadelphia, Pa., for the Trustees, Penn Cent. Transp. Co.

Edith I. Spivack, New York City, for the City of New York.

Debevoise, Plimpton, Lyons & Gates, by Michael E. Patterson, New York City, for Provident Nat. Bank.

Gratz, Tate, Spiegel, Ervin & Ruthrauff, by Wilbur Bourne Ruthrauff, Philadelphia, Pa., for Richard Joyce Smith, Trustee, New York, New Haven & Hartford Railroad Company.

MEMORANDUM AND ORDER NO. 2315

FULLAM, District Judge.

Pennsylvania Tunnel & Terminal Railroad Company ("PTT") is a wholly-owned subsidiary of the Debtor, but is not itself in reorganization. Effective as of July 1, 1928, PTT leased all of its properties to the Debtor for a term of 999 years. The lease has been neither affirmed nor disaffirmed by the Trustees of the Debtor.

The Trustees seek approval of a proposed sale of their leasehold interest...

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