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  5. 596 F.2d 1155 (1979)
 

MATTER OF PENN CENT. TRANSP. CO.

Nos. 78-1715, 78-2321 and 78-2336.

596 F.2d 1155 (1979)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Appeal of Joseph A. SCHAFER, Whitney W. Irons, Alton P. Gainer, Emil Milan, Carol Kuchar, Leo Sukala, Stephen Sloboda, Charles W. Hannon, and Philip Morton, in Nos. 78-1715, 78-2321 and 78-2336. In the Matter of PENN CENTRAL COMPANY, Debtor.

United States Court of Appeals, Third Circuit.

Decided January 11, 1979.

As Amended February 8 and March 1, 1979.

Attorney(s) appearing for the Case

Cletus P. Lyman, Lyman & Ash, Philadelphia, Pa., for appellants Joseph A. Schafer, et al.

Covington & Burling, Philip R. Stansbury, Wesley S. Williams, Jr., Wynne M. Teel, Washington, D. C., Carl Helmetag, Jr., Philadelphia, Pa., Charles A. Horsky, W. Crosby Roper, Jr., Brice M. Clagett, Washington, D. C., James E. Howard, John J. Ehlinger, Jr., Philadelphia, Pa., for the Trustees of Penn Central Transp. Co. in Nos. 78-1715 & 78-2321.

Gilbert W. Oswald, James D. Crawford, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., for appellees Penn Central Co. and Penn Central International N.V.

Before ALDISERT, GIBBONS and HIGGINBOTHAM, Circuit Judges.

OPINION OF THE COURT

A. LEON HIGGINBOTHAM, Jr., Circuit Judge.

There are 150,000 shareholders in the Penn Central Company of which only nine have appealed from certain orders concerning two bankruptcy proceedings: the reorganization of the Penn Central Transportation Company pursuant to section 77 of the Bankruptcy Act, 11 U.S.C. § 205, and the arrangement of the Penn Central Company pursuant to Chapter XI, 11 U.S.C. § 701 et seq. For the...

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