In re Missouri Pac. R. Co.
| Decision Date | 03 October 1950 |
| Docket Number | No. 6935.,6935. |
| Citation | 93 F. Supp. 832 |
| Parties | In re MISSOURI PAC. R. CO. |
| Court | U.S. District Court — Eastern District of Missouri |
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Russell L. Dearmont and Thomas T. Railey, St. Louis, Mo., for Guy A. Thompson, trustee, Missouri Pac. R. Co.
Marion B. Pierce, New York City, and Oliver & Oliver, Cape Girardeau, Mo., for Missouri Pac. R. Co. debtor.
Chadbourne, Wallace, Parke & Whiteside, New York City and Leonard P. Moore and Clair B. Hughes, New York City, of counsel, for Manufacturers Trust Co., as corporate trustee under the First & Refunding Mortgage of Missouri Pac. R. Co.
Dorr, Hammond, Hand & Dawson, New York City, and Carter, Bull & McNulty, St. Louis, Mo., and Emmet McCaffery, New York City, and Emmet Carter, St. Louis, Mo., of counsel, for Chemical Bank & Trust Co., as trustee, etc.
Cadwalader, Wickersham & Taft, New York City, and Lowenhaupt, Waite, Chasnoff & Stolar, St. Louis, Mo., and Charles W. McConaughy, and Morris D. Crawford, Jr., New York City, of counsel, and Jacob Chasnoff, St. Louis, Mo., of counsel, for Group of Institutional Investors Holding First & Refunding Mortgage 5% Bonds of Missouri Pac. R. Co.
Forest P. Tralles, Tralles, Hoffmeister & Gilpin, St. Louis, Mo., and Carl H. McClure, III, Putney, Twombly, Hall & Skidmore, New York City, of counsel, for Protective Committee for Holders of Missouri Pac. R. Co. 5¼ percent Secured Serial Gold Bond.
Forest P. Tralles, Tralles, Hoffmeister & Gilpin, St. Louis, Mo., and DeLancey C. Smith, San Francisco, Cal., for Avery Brundage and others, as stockholders of New Orleans, Texas & Mexico Ry. Co.
Forest P. Tralles, Tralles, Hoffmeister & Gilpin, St. Louis, Mo., and Willard P. Scott, Oliver & Donnally, New York City, for John Speed Elliott.
Harry Kirshbaum, New York City, and Edwin J. Bean, St. Louis, Mo., for Convertible Bondholders Group.
Everett Paul Griffin, St. Louis, Mo., Edward F. Colladay, Washington, D.C., and Kenneth McEwen, New York City, for Protective Committee of First Mortgage Bondholders of International-Great Northern R. Co.
Donald D. Wilson, independent directors of Missouri Pac. R. Co.
Wm. H. Biggs, Biggs, Curtis & Crossen, St. Louis, Mo., for Missouri Pac. R. Co. 5¼ Secured Serial Bondholders Committee, and as attorney for Helen J. Comstock.
William H. Biggs, St. Louis, Mo., for Andrew W. Comstock, and others, holders of 5 1/5 % Secured Serial Bonds.
Helen W. Munsert, Chicago, Ill., for Protective Committee for Holders of Common Stock of Missouri Pac. R. Co.
Abraham K. Weber, New York City, and Murphy & Bloom, St. Louis, Mo., for Carl Rosenberger, etc., Holders of IGN Adjustment 6s 52.
Adrian L. Foley and Edmund O'Hare, New York City, and White & Case, New York City, of counsel, for Alleghany Corp.
Owen D. Nee, New York City, and Root, Ballantine, Harlan, Bushby & Palmer, New York City, and William P. Palmer and Philip E. Gregg, New York City, of counsel, for Commercial Nat. Bank & Trust Co. of New York, as trustee for the debtor's 5½% Convertible Gold Bonds.
Price Daniel, Atty. Gen. of Texas, Charles D. Mathews, Asst. Atty. Gen. of Texas, and C. K. Richards, Asst. Atty. Gen. of Texas, for State of Texas and Railroad Commission of Texas, defendant intervenors.
Edward M. Boyne, Willkie Owen, Farr, Gallagher & Walton, and Leslie Craven, New York City, for New York Trust Co., trustee, International Great Northern Adjustment Mortgage.
Sanford H. E. Freund, Shearman & Sterling & Wright, New York City, for Bondholders Protective Committee for Chattel Mortgage Bonds.
Orville W. Wood, Hugh L. M. Cole, Milbank, Tweed, Hope & Hadley, New York City, for City Bank Farmers Trust Co., as trustee under International Great Northern First Mortgage.
Leonard D. Adkins, Cravath, Swaine & Moore, New York City, and S. Mayner Wallace, St. Louis, Mo., for N.O.T.M. Bondholders Committee.
R. H. McRoberts, Bryan, Cave, McPheeters & McRoberts, St. Louis, Mo., for St. Louis Union Trust Co., trustee, Roland C. Behrens Committee and Little Rock-Hot Springs and Western Bonds.
Robert E. Smith, appearing by leave, for Protective Committee for Holders of the Preferred Stock of the Principal Debtor.
George C. Demas, Kadel & Wilson, New York City, for Empire Trust Co., General Mortgage Corporate Trustee.
Chas. E. Markeles, Atlanta, Georgia, for Self and Group of 60,000 shares Preferred Stock.
Martin, Peper & Martin, St. Louis, Mo., for Presley W. Edwards, individual trustee of Missouri Pac. R. Co., First & Refunding Mortgage.
Davies, Hardy, Schenck & Soons, New York City, and Fordyce, Mayne, Williams & Hartman, St. Louis, Mo., for Irving Trust Co., trustee, New Orleans, Texas & Mexico Ry. Co. First Mortgage.
Rathbone, Perry, Kelley & Drye, New York City, and Fordyce, Mayne, Williams & Hartman, St. Louis, Mo., for Central Hanover Bank & Trust Co., trustee, Central Branch, Union Pac. Mortgage.
Davis, Polk, Wardwell, Sunderland & Kiendl, New York City, for Guaranty Trust Co. of New York, trustee, Missouri Pac. R. Corporation in Nebraska Mortgage.
A. L. Rittenberg, Chicago, Ill., for Protective Committee, Plaza-Olive Bldg. Mortgage.
W. A. Northcutt, Louisville, Ky., for holder of Cairo & Thebes Mortgage Bonds.
These are proceedings under Section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205, for the reorganization of the three principal debtors, Missouri Pacific Railroad Company, New Orleans, Texas & Mexico Railway Company, and the International-Great Northern Railroad Company, and their various subsidiary debtors. The matter now before the Court is a plan of reorganization for the aforesaid companies. Other plans for the reorganization of these companies have been before the Court on two prior occasions, the last of said plans being commonly known as the 1944 "Compromise" Plan. The present plan is a modification of that "compromise" plan.
The Plan contemplates the reorganization of these companies as a single new System company, with a provision for the separate reorganization of the I-GN if that should be necessary. The details of this plan will not be set out in full. The Plan appears in Volume LII of the Missouri Pacific Reorganization Proceedings. This Court's previous opinions on earlier plans may be found under the style of "In the Matter of Missouri Pacific Railroad Company", D.C., 39 F.Supp. 436, Id., D.C., 50 F.Supp. 936, and, Id., D.C., 64 F.Supp. 64. The modifications of the "compromise" plan which appear in the present plan are, briefly, as follows: the effective date is changed from January 1, 1943, to January 1, 1948; capitalization of the reorganized company is increased, as are annual fixed interest charges, contingent charges, preferred stock dividends, and all annual charges prior to dividends on common stock; the distribution of cash and new securities is substantially changed, the new distribution being shown in the Commission's Appendix "D", which is found at the end of this opinion; provision is made for distribution of further amounts of cash prior to consummation of the Plan if the Court should so order; provisions for issuance of warrants and for voting trusts are eliminated; and changes are made in the provisions for designation of the reorganization managers and first Board of Directors of the reorganized company.
The new capitalization and the new annual charges, as compared with the "compromise" plan are as follows:
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... ... No. 6935 ... United States District Court E. D. Missouri, E. D ... February 25, 1955. 129 F. Supp. 393 COPYRIGHT MATERIAL OMITTED 129 F. Supp. 394 Russell L. Dearmont and Thomas T. Railey, St. Louis, Mo., for Guy A. Thompson, Trustee, Missouri Pac. R. Co. and all other debtor companies ... Burton K. Wheeler and Edward K. Wheeler, Washington, D. C., and Oliver & Oliver, Cape Girardeau, Mo. (Wheeler & Wheeler, Washington, D. C., of counsel), for Missouri Pac. R. Co., debtor ... John L. J. Hart, John ... ...
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