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MATTER OF LEHIGH AND N. E. RY. CO.

No. 80-2577.

657 F.2d 570 (1981)

In the Matter of the LEHIGH AND NEW ENGLAND RAILWAY COMPANY, Debtor. United States of America, Erie Lackawanna, Consolidated Rail Corporation, Intervenors in D.C. Appeal of CENTRAL JERSEY INDUSTRIES, INC.

United States Court of Appeals, Third Circuit.

Decided August 3, 1981.

Attorney(s) appearing for the Case

William R. Glendon (argued), Donald F. Luke, Rogers & Wells, New York City, for Committee of Interline Railroads, appellee; John B. Murray, Connell, Foley & Geiser, Newark, N. J., of counsel.

Janet L. Ries, Philadelphia, Pa., for Consolidated Rail Corporation, appellee.

Lamb, Hutchinson, Chappell, Ryan & Hartung, Jersey City, N. J., for Thomas F. Patton and Ralph S. Tyler, Jr., Trustees of Erie Lackawanna Railway, respondents; Raymond J. Lamb, Jersey City, N. J., of counsel.

Carpenter, Bennett & Morrissey, Newark, N. J., for Central Jersey Industries, Inc., appellant; Stanley Weiss, Jerome E. Sharfman (argued), Newark, N. J., of counsel.

Before GIBBONS, HUNTER and GARTH, Circuit Judges.

OPINION OF THE COURT

GARTH, Circuit Judge:

This appeal requires us to determine a question of first impression: once a railroad has gone into receivership and has expended all of its general funds, may the balance of unpaid interline claims be paid out of mortgaged assets prior to the satisfaction of the mortgage bondholder's secured claims?1

This issue was presented to the United States District Court for the District...

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