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MATTER OF CENTRAL R. CO. OF NEW JERSEY

No. 91-5259.

950 F.2d 887 (1991)

In the Matter of the CENTRAL RAILROAD COMPANY OF NEW JERSEY, Wilmat Holdings, Inc., (as successor-in-interest to Central Jersey Industries, Inc.) ("Wilmat"), Appellant.

United States Court of Appeals, Third Circuit.

Decided December 10, 1991.

Attorney(s) appearing for the Case

Stanley Weiss (argued), Carpenter, Bennett & Morrissey, Newark, N.J., for appellant.

Rodney B. Griffith, Margaret Woodruff (argued), Ralph G. Wellington, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., for appellee Consolidated Rail Corp.

Gregory J. Hannon, Stanley M. Shingles (argued), Brobyn & Forceno, Philadelphia, Pa., for appellees Joseph F. Kudlesky, Frank Parano, Paul E. Sakowski, James A. Bristol, Glenn N. Carmitchel, Charles A. May, John J. Bilsak, George E. Davis, James C. Douglas, Edward J. Finney, William L. Focht, John A. Hosage, Joseph A. Maraski, Walter E. Marienschek, Andrew G. Michalow, Lamar N. Purnell, Louis F. Rauch, Richard C. Anglemeyer, George R. Searfoss, Neal L. Brown, Dale D. Vogel, Joseph F. Koetting.

Michael J. Dillon (argued), Krumholz, Horn, Schechtman & Hirsch, Jersey City, N.J., for appellee Joseph Benedetto.

James H. Savage, Ruprecht & Hart, Millburn, N.J., for appellee New Jersey Transit Rail Operations, Inc.

Before COWEN and NYGAARD, Circuit Judges, and POLLAK, District Judge.

OPINION OF THE COURT

LOUIS H. POLLAK, District Judge.

Introductory Statement

In order properly to understand the problem now before this court, it may be helpful to take a brief retrospective look at events now well in the past.

On March 12, 1967 — almost a quarter of a century ago — the Central Railroad of New Jersey (CNJ), following the well-blazed path of many another financially ailing railroad, filed a bankruptcy...

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