MATTER OF PENN CENT. TRANSP. CO.

Nos. 78-1698 to 78-1700, 78-1702, 78-1703, 78-1710, 78-1711, 78-2311, 78-2312, 78-2314, 78-2315, 78-2319 and 78-2320.

596 F.2d 1127 (1979)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor (six cases). Appeal of MANUFACTURERS NATIONAL BANK OF DETROIT, Indenture Trustee under the Lake Shore Collateral Indenture, in Nos. 78-1699, 78-1700 and 78-2315. Appeal of WILMINGTON TRUST COMPANY, as Successor Indenture Trustee under the New York Central and Hudson River Railroad Company, Michigan Central Collateral Indenture dated April 13, 1898, in Nos. 78-1703, 78-2311 and 78-2312. Appeal of Charles S. JEFFREY, a holder of The New York Central and Hudson River Railroad Company 3 ½% Michigan Central Collateral Bonds, in Nos. 78-1702, 78-2319 and 78-2320. Appeal of ERIE AND KALAMAZOO RAILROAD COMPANY, in No. 78-1710. Appeal of IRVING TRUST COMPANY, as Indenture Trustee, in Nos. 78-1698 and 78-2314. Appeal of The MAHONING COAL RAILROAD COMPANY and The Mahoning and Shenango Valley Railway Company, in No. 78-1711.

United States Court of Appeals, Third Circuit.

Decided January 11, 1979.

Submitted October 16 and 17, 1978.

Submitted October 16 and 17, 1978.

Rehearing Denied February 26, 1979.


Attorney(s) appearing for the Case

J. Donald McLeod, John J. Iseman, Dahlberg, Mallender & Gawne, Detroit, Mich., for appellant Manufacturers Nat. Bank of Detroit, Nos. 78-1699, 78-1700 and 78-2315.

Richard G. Elliott, Jr., Michael A. Meehan, Richards, Layton & Finger, Wilmington, Del., for appellant Wilmington Trust Co., Nos. 78-1703, 78-2311 and 78-2312.

H. Theodore Cohen, Mary Ellen Neylon, Tyler & Reynolds & Craig, Boston, Mass., for appellant Charles S. Jeffrey, Nos. 78-1702, 78-2319 and 78-2320.

Steven R. Rivkin, Washington, D. C., for appellant Erie and Kalamazoo Railroad Co., No. 78-1710.

Stephen A. Weiner, Winthrop, Stimson, Putnam & Roberts, New York City, for appellant Irving Trust Co., Nos. 78-1698 and 78-2314; David M. Payne, Frederick I. Miller, New York City, of counsel.

Frank Buckhout McShane, Frederick J. Berman, Walsh & Frisch, New York City, for appellant Mahoning Coal Railroad Co., etc., No. 78-1711.

Carl Helmetag, Jr., James E. Howard, John J. Ehlinger, Jr., Philadelphia, Pa., Charles A. Horsky, W. Crosby Roper, Jr., Brice M. Clagett, Washington, D. C., Covington & Burling, Washington, D. C., for appellees, Trustees of Penn Central Transp. Co.; Covington & Burling, Philip R. Stansbury, Wesley S. Williams, Jr., Wynne M. Teel, Washington, D. C., of counsel.

Kenneth M. Kramer, Robert H. MacKinnon, George J. Wade, Shearman & Sterling, New York City, for Citibank, N.A.

Louis A. Craco, Richard L. Posen, Willkie Farr & Gallagher, New York City, Frederic L. Ballard, Vincent P. Hatton, Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., for appellee, Institutional Investors Penn Central Group; Walter H. Brown, Jr., Thomas L. Bryan, Michael B. Targoff, Debra M. Evenson, New York City, of counsel.

Michael L. Temin, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pa., for appellees, Metropolitan Life Ins. Co., et al.

Spencer Ervin, Jr., Gratz, Tate, Spiegel, Ervin & Ruthrauff, Philadelphia, Pa., Morris Raker, Sullivan & Worcester, Boston, Mass., for appellee, Richard Joyce Smith; Joseph Auerbach, Boston, Mass., of counsel.

Walter C. Kelley, Donald B. McCann, Margaret Anne Foster, Kelley, McCann & Livingstone, Cleveland, Ohio, for Board of Ed., Cleveland City School Dist., as amicus curiae.

Before ALDISERT, GIBBONS and HIGGINBOTHAM, Circuit Judges.


Argued October 16 and 17, 1978 (except where otherwise noted).

Submitted Under Third Circuit Rule 12(6) October 16 and 17, 1978.

Submitted Under Third Circuit Rule 12(6) October 16 and 17, 1978.

Rehearing Denied in Nos. 78-1699-1700, 78-1703, 78-2311-12 and 78-2315 February 26, 1979.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

We have before us numerous appeals from the Penn Central Transportation Company reorganization...

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