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IN RE JOHNS-MANVILLE CORP.

No. 1522, Docket 86-5031.

801 F.2d 60 (1986)

In re JOHNS-MANVILLE CORPORATION et al., Nos. 82 B 11656 through 11676. MANVILLE CORPORATION, Plaintiff-Appellee, v. The EQUITY SECURITY HOLDERS COMMITTEE, A.F. Investments and Bankers National Life Insurance Company and Centerre Trust Company of St. Louis and Clayton & Dubilier Inc. and Leon B. Dubin and the Independent Insurance Group, Inc. and Bertrand A. McKittrick and Shlomo Nutovic and Raytheon Financial Corporation and Leonard Starobin (Starr) as Members of the Equity Security Holders Committee, Defendants-Appellants, Committee of Unsecured Creditors, Committee of Asbestos Health Related Claimants and/or Creditors ("Asbestos Health Committee"), Securities and Exchange Commission and Leon Silverman, the Legal Representative, Parties in Interest.

United States Court of Appeals, Second Circuit.

Decided September 10, 1986.

Attorney(s) appearing for the Case

George Hahn, New York City (Hahn and Hessen, New York City, of counsel), for defendant-appellant, The Equity Sec. Holders Committee.

Richard Kirby, Washington, D.C. (Daniel L. Goelzer, Paul Gonson, Jacob H. Stillman, Stephen M. DeTore and Batya Roth, S.E.C., Washington, D.C., of counsel), for plaintiff-appellee, S.E.C.

Michael Crames, New York City (Levin & Weintraub & Crames, New York City, of counsel), for plaintiff-appellee, Manville Corp.

Elihu Inselbuch, New York City (Gilbert, Segall & Young, New York City, of counsel), for plaintiff-appellee, Committee of Asbestos Health Related Claimants and/or Creditors.

Matthew Gluck, New York City (Fried, Frank, Harris, Shriver & Jacobson, New York City, of counsel), for plaintiff-appellee, The Legal Representative.

Before OAKES, ALTIMARI, and MAHONEY, Circuit Judges.

MAHONEY, Circuit Judge:

This action, one segment in a long-running Chapter 11 reorganization proceeding, arose in consequence of the competing interests of creditors, stockholders, and the board of directors in the development of rehabilitation plans for appellee, the Manville Corporation ("Manville"), formerly Johns-Manville Corporation. Appellants are the Equity Security Holders Committee and individual members of that committee (collectively the "Equity Committee...

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