MATTER OF VAL. PRO., ETC., REG. RAIL REORG.

Misc. No. 76-1.

445 F.Supp. 994 (1977)

In the Matter of the VALUATION PROCEEDINGS UNDER SECTIONS 303(c) AND 306 OF The REGIONAL RAIL REORGANIZATION ACT OF 1973.

Special Court, Regional Rail Reorganization Act.

On Motions for Reconsideration November 18, 1977.


Attorney(s) appearing for the Case

Edwin M. Zimmerman, William D. Iverson, Stuart C. Stock, Washington, D. C. (Charles E. Buffon, Paul R. Duke, David B. Isbell, Harris Weinstein, Eugene D. Gulland, John D. Taurman, William P. Skinner, Wynne M. Teel, Theodore Voorhees, Jr., and Covington & Burling, Washington, D. C., John B. Rossi, Jr., Philadelphia, Pa., of counsel), for Penn Central Trustees and Certain Affiliated Transferors.

Louis A. Craco, New York City (Walter H. Brown, Jr., Thomas L. Bryan, Michael B. Targoff, Rebecca T. Halbrook, Richard L. Posen, and Willkie, Farr & Gallagher, New York City, Frederic L. Ballard, Sr., and Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., of counsel), for intervening Penn Central Lienholders.

George J. Wade, New York City (Robert H. MacKinnon, Thomas M. Geisler, Jr., Gary G. Lyons, and Shearman & Sterling, New York City, of counsel), for intervenor Citibank, N.A., as Agent for the Committee of Secured Bank Creditors in the Penn Central Transportation Company Reorganization Proceedings.

David Berger, Philadelphia, Pa. (Daniel M. Berger, David Berger, P.A., Philadelphia, Pa., of counsel), for intervenor Penn Central Company.

Joseph Auerbach, Boston, Mass. (Morris Raker, Thomas R. Wardell, Harvey E. Bines, Thomas D. Halket, and Sullivan & Worcester, Boston, Mass., James Wm. Moore, New Haven, Conn., Thomas W. Armstrong, Washington, D. C., of counsel), for Trustee of The New York, New Haven and Hartford Railroad Co.

Harry G. Silleck, Jr., New York City (John L. Altieri, Jr., and Mudge, Rose, Guthrie & Alexander, New York City, of counsel), for Trustees of Erie Lackawanna Railway Company and Certain Affiliated Non-Bankrupts.

Howard H. Lewis, Philadelphia, Pa. (James A. Sox, and Obermayer, Rebmann, Maxwell & Hippel, Philadelphia, Pa.; Lockwood W. Fogg, Jr., Plymouth Meeting, Pa., of counsel), for Trustees of the Reading Company and for Its Wholly-Owned Subsidiaries.

Stanley Weiss, Newark, N. J. (M. Elaine Jacoby, Dean R. May, and Carpenter, Bennett & Morrissey, Newark, N. J., of counsel), for Trustee of the Central Railroad Co. of New Jersey.

David C. Toomey, Philadelphia, Pa. (Jared I. Roberts, Richard M. Abrams, and Duane, Morris & Heckscher, Philadelphia, Pa., of counsel), for Trustee of the Lehigh Valley Railroad Co.

Timothy V. Smith, New York City, for Trustee of The Lehigh and Hudson River Railway Co.

Charles I. Thompson, Jr., Philadelphia, Pa., for The North Pennsylvania Railroad Company, the Delaware and Bound Brook Railroad Company, the Philadelphia, Germantown and Norristown Railroad Co. and Plymouth Railroad Co.

Alan C. Kauffman, Philadelphia, Pa. (Obermayer, Rebmann, Maxwell & Hippel, Philadelphia, Pa., of counsel), for the Peoria and Eastern Railway Co.

Robert W. Ginnane, Washington, D. C. (George F. Galland, and Galland, Kharasch, Calkins & Brown, John M. Gibbons, and Stroock, Stroock, & Lavan, Washington, D. C., of counsel), for Norwich & Worcester Railroad Co.

Frank B. McShane, New York City (Walsh & Frisch, New York City, of counsel), for Mahoning Coal Railroad Co.

Edmund J. Kenney, Chicago, Ill. (James E. Hussey, Winston & Strawn, Chicago, Ill., of counsel), for Trustee of the Chicago River and Indiana Railroad Co.

Michael E. Patterson, New York City (Steven R. Gross, and Debevoise, Plimpton, Lyons & Gates, New York City, Edward I. Dobin, and Curtin & Heefner, Morrisville, Pa., of counsel), for Trustees for Pennsylvania Tunnel and Terminal Railroad Co., and Trustee for the New York Connecting Railroad Co.

Joseph S. Radom, and Thomas B. Radom, Detroit, Mich., for Trustee of the Ann Arbor Railroad Co.

Leon Leighton, New York City, for Minority Stockholders of Mahoning Coal Co., amici curiae.

Perrin C. Hamilton, Philadelphia, Pa., for the East Pennsylvania Railroad Co.

Earl J. Krock, Cleveland, Ohio, for Kalamazoo, Allegan & Grand Rapids Railroad Co.

Herbert G. Schick, and Hepburn, Ross, Willcox & Putnam, Philadelphia, Pa., Jerome K. Walsh, and Walsh & Frisch, New York City, for Secondary Debtors of The Penn Central Transportation Co.

Joseph J. Connolly, and Goodman & Ewing, Philadelphia, Pa., for Little Miami Railroad Co. and Fort Wayne & Jackson Railroad Co. and Secondary Debtors of the Penn Central Transportation Co.

Lloyd N. Cutler, William T. Lake, William R. Perlik, Louis R. Cohen, Kevin P. Charles, Robert H. Kapp, David R. Johnson, Washington, D. C. (Stephen F. Black, John F. Cooney, Jay P. Urwitz, Wilmer, Cutler & Pickering, Howard R. Moskof, Peter F. Rousselot, Joe Chartoff, Eric A. Von Salzen, George W. Mayo, Jr., Hogan & Hartson, Cary W. Dickieson, Stephen C. Rogers, G. Joseph King, Francis P. Dicello, Peter J. Carre, and Jordon Jay Hillman, Sp. Counsel, U. S. Railway Association, Washington, D. C., of counsel), for United States Railway Association.

Barbara Allen Babcock, Asst. Atty. Gen., Rex E. Lee, Asst. Atty. Gen., Paul M. Tschirhart, John H. Broadley, U. S. Dept. of Justice, Washington, D. C., Linda Heller Kamm, Gen. Counsel, Donald T. Bliss, Deputy Gen. Counsel, Alexander P. Humphrey, Justine Fischer, Phillip J. Ward, U. S. Dept. of Transportation, Washington, D. C., for United States of America.

John G. Harkins, Jr., Philadelphia, Pa. (Richard M. Rindler, Pepper Hamilton & Scheetz, Ronald M. Dietrich, John F. DePodesta, Philadelphia, Pa., of counsel), for Consolidated Rail Corp.

Before FRIENDLY, Presiding Judge, and WISDOM and THOMSEN, Judges.


FRIENDLY, Presiding Judge:

I. Introduction

In this opinion we continue the discussion of the nature of the Rail Act in Part III of our opinion of October 18, 1976, 425 F.Supp. at 270-71, and shall consider the constitutionality of compensating the transferors in other than cash, an issue on which we requested briefing by our notice of April 14, 1977. We shall also deal with certain of the issues outlined in our Memorandum of June 16, 1976,

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases