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In re New York

UNITED STATES COURT OF APPEALS THIRD CIRCUIT.


decided: February 23, 1952.

IN THE MATTER OF NEW YORK, SUSQUEHANNA & WESTERN RAILROAD COMPANY, EDITH A. MERRITT, APPELLANT.

Before KALODNER and HASTIE, Circuit Judges, and HARTSHORNE, District Judge.

Per Curiam.

This appeal is from the Order of the District Court, 103 F.Supp. 981, approving the plan of reorganization in proceedings for the reorganization of the New York, Susquehanna and Western Railroad Company under Section 77 of the Bankruptcy Act as amended.*fn1

The primary issue presented is whether the plan of reorganization is fair and equitable, particularly with respect to the debtor's general mortgage bondholders. It may be noted, parenthetically, that the appellant is the sole objector to the plan of reorganization on this appeal.*fn2

The appellant's objections to the reorganization plan were considered by the Interstate Commerce Commission on three occasions and by the District Court and were held in each instance to be without merit.

On October 24, 1951, subsequent to the entry of the Order of the District Court on July 12, 1951, approving the plan of reorganization, the Interstate Commerce Commission submitted the plan to creditors for acceptance or rejection. The Commission on January 4, 1952, certified to the District Court the results of the balloting. Its certificate reveals that the plan was accepted by at least 96 per cent of each class of creditors to which it was submitted. In two of the classes all the creditors voting accepted the plan.*fn3

We have given due consideration to the record and the contentions of the appellant, and have arrived at the conclusion that the latter are without substance. We need add nothing to what has been so well stated by Judge Smith in his analysis of the plan of reorganization and his Order approving it.

The Order of the District Court will be affirmed.


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