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IN RE PHILADELPHIA & READING COAL & IRON CO.

March 7, 1939

In re PHILADELPHIA & READING COAL & IRON CO.


The opinion of the court was delivered by: KALODNER

The Philadelphia and Reading Coal and Iron Company, a Pennsylvania Corporation, filed a debtor's petition for reorganization under Section 77B, Bankr.Act, 11 U.S.C.A. § 207, on February 26, 1937. Appended to the petition was a balance sheet disclosing assets of a book value of $94,219,000.

On the same date, order approving petition and continuing debtor in possession was filed, and a general order of reference made to Howard Benton Lewis, Esq., as Special Master.

 On February 17, 1938, the debtor's plan for reorganization was filed, and referred to the Special Master.

 Within a few months succeeding, reorganization plans were filed by various bondholder groups and debenture holder groups. The various plans of reorganization were specially referred to the Special Master.

 At the inception of the 77B proceedings, the debtor owned some 154,000 acres of coal lands in Pennsylvania, embracing some 13 separate mining operations, employing 12,000 persons. It had $8,000,000 common stock outstanding. It had a funded debt of $54,354,000.

 Subsequent to his appearance before the Special Master, Mr. Palmer filed numerous motions and petitions which resulted in long-drawn-out proceedings. As to the merit of these motions, petitions, and proceedings, we have no concern and express no opinion.

 On Monday, March 6, 1939, hearing was had on four petitions filed by Mr. Palmer. The scope of these petitions is evidence by the following brief description:

 (1) Petition to restrain the Debtor from closing the Pottsville shops.

 (2) Petition to strike out appearance of Thomas C. Egan, Esq.

 (3) Petition for an order directing S. W. Blakslee to turn over, transfer and assign unto the Debtor patents by him received.

 (4) Petition for an order withdrawing authorization to make lease to Bear ...


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