In re Chicago & NW Ry. Co.
Decision Date | 29 January 1940 |
Docket Number | No. 7165.,7165. |
Citation | 114 F.2d 963 |
Parties | In re CHICAGO & N. W. RY. CO. IRVING TRUST CO. v. GUARANTY TRUST CO. OF NEW YORK et al. |
Court | U.S. Court of Appeals — Seventh Circuit |
Cyrus H. Adams, of Chicago, Ill., for appellant.
Kenneth F. Burgess, Douglas F. Smith, Ernest S. Ballard, Ferris E. Hurd, Henry F. Tenney, and Roger R. Leech, all of Chicago, Ill., and Leslie B. Soper, Edwin S. S. Sunderland, and Thomas O'G. Fitz-Gibbon, all of New York City, for appellees.
Before MAJOR, TREANOR, and KERNER, Circuit Judges.
This matter is here on the motion of debtor's trustee in connection with similar motions by other interested parties to dismiss appellant's appeal. The parties were in court by virtue of a reorganization proceeding pursuant to Section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205, and the order appealed from was entered September 28, 1939. All parties to the appeal, except the Reconstruction Finance Corporation, are trustees under mortgages securing bonds and securities which constitute liens upon debtor's property or upon the property of certain of its numerous subsidiaries. The Reconstruction Finance Corporation a committee representing certain insurance companies and the debtor's trustee, is the holder of certain subsidiary stocks and bonds pledged with it as collateral for notes issued by the debtor.
Two of such parties, namely, the Guaranty Trust Company of New York, trustee under a certain mortgage, and the Central Hanover Bank and Trust Company, trustee under another certain mortgage, together with the Reconstruction Finance Corporation, petitioned the court for the payment of interest due upon their respective mortgages. Appellant filed answers in the nature of cross-petitions to said petitions, for payment. Other petitions, answers and cross-petitions were filed by interested parties which do not appear to be material to the question now before us.
The issues thus raised were referred to a special master, who, after a hearing, submitted a report of the evidence to the court. Debtor's trustee recommended to the court that such claims, or at any rate certain portions of said claims, be paid.
The order appealed from authorized and directed the trustee to make the recommended payments. Included in said order are the following paragraphs:
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