In re Chicago & NW Ry. Co.
| Decision Date | 09 February 1942 |
| Docket Number | No. 7561-7569,7724,No. 7767-7772,7740,7741.,7561-7569,7767-7772 |
| Parties | In re CHICAGO & N. W. RY. CO. (eighteen cases). |
| Court | U.S. Court of Appeals — Seventh Circuit |
COPYRIGHT MATERIAL OMITTED
Luther M. Walter and Helen W. Munsert, both of Chicago, Ill., Robert K. Stuart, of Evanston, Ill., Ferris E. Hurd, of Chicago, Ill., Edward K. Hanlon, of New York City, Meyer Abrams, Norman Asher, Edward C. Kohlsaat, and Harry N. Wyatt, all of Chicago, Ill., John M. MacGregor, of New York City, R. C. Stevenson, of Chicago, Ill., John B. Marsh and Edward E. Watts, Jr., both of New York City, Walter H. Jacobs and Anthony L. Michel, both of Chicago, Ill., S. Pierce Browning, Jr., and Robert E. Houston, Jr., both of New York City, Anan Raymond, Robert Z. Hickman, Cyrus H. Adams, and James P. Dillie, all of Chicago, Ill., and Orrin G. Judd, of New York City, for appellants.
Kenneth F. Burgess, Douglas F. Smith, and Geo. Ragland, Jr., all of Chicago, Ill., McCready Sykes and Wm. A. Stewart, both of New York City, Wm. B. Hale, of Chicago, Ill., Fred N. Oliver and Willard P. Scott, both of New York City, Chas. M. Thomson, of Chicago, Ill., Edwin S. S. Sunderland, Thos. O'G. FitzGibbon, and Geo. John Miller, all of New York City, Henry F. Tenney, Roger R. Leech, and Lee Walker, all of Chicago, Ill., Russell L. Snodgrass, Cassius M. Clay, A. Marvin Braverman, and James W. Close, all of Washington, D. C., Herbert Friedlich, of Chicago, Ill., Leonard D. Adkins and Alfred H. Phillips, both of New York City, and Wm. D. Kerr, of Chicago, Ill., for appellees.
Before EVANS and KERNER, Circuit Judges, and LINDLEY, District Judge.
These eighteen appeals1 arise out of the reorganization proceedings of the Chicago & North Western Railway Company, instituted pursuant to Section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205. The Interstate Commerce Commission's plan of reorganization has been accepted, with one exception, by more than two-thirds of the creditors, of each of the groups, who voted on the reorganization plan, and it has been confirmed by the District Court, after full hearing. We have the benefit of the District Court's findings and opinion, In re Chicago & N. W. Ry. Co., D.C., 35 F.Supp. 230, and an elaborate and informative report by the Examiner of the I. C. C., as well as a complete discussion and ultimate findings by the Commission.2 The appeals are chiefly from the trial court's orders of approval and confirmation of the plan of reorganization.
The Debtor operates in nine states, over 8,290.533 miles first main track and 13,047.127 of all tracks.3 A subsidiary of the Debtor, the Chicago, St. Paul, Minneapolis & Omaha Railway Company, owns 1,577.171 miles of first main track and 2,438.047 miles of all tracks. It is operated and renders reports separately from Debtor but its lines complement those of Debtor.
The Debtor's obligations, generally, comprehended seven divisional mortgages, two system mortgages, R. F. C., R. C. C., and bank loans, equipment trust obligations, and other miscellaneous indebtedness.
To give a succinct idea of the basic facts of this reorganization and the Debtor's financial structure, this chart is appended:
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Sammons v. Colonial Press
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