[Download] "Connecticut Ry. & Lighting Co. v. New York" by United States Court Of Appeals Second Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Connecticut Ry. & Lighting Co. v. New York
- Author : United States Court Of Appeals Second Circuit
- Release Date : January 15, 1951
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
The New Havens plan of reorganization made provision for the issuance of common stock to holders of unsecured claims against the debtor; and the consummation order and final decree, dated September 11, 1947, reserved jurisdiction over such claims, the amount of which had not then been fixed. By the present proceeding the New Haven invoked such reserved jurisdiction with respect to claims held by Boston Terminal Company interests. Reorganization proceedings of the Terminal Company are pending in the United States District Court for the District of Massachusetts and a plan for its reorganization, proposed by the New Haven and the New York Central jointly, has been approved by the Interstate Commerce Commission. The Massachusetts bankruptcy court has held hearings on the proposed plan but cannot proceed further until the Connecticut court shall have determined the amount of New Haven common stock to be issued in satisfaction of the unsecured claims of the Terminal interests against the New Haven, because the liquidation of those claims and the issuance of New Haven common stock therefor is part of the Terminal plan of reorganization. The purpose of the present proceeding was to give effect to a compromise of the unsecured claims of the Terminal interests. The petition was opposed only by the appellant, a holder of New Haven common stock and of certificates of interest in certain reserved common stock in which under the New Havens plan of reorganization all of its common creditors are to share in proportion to their claims.