Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

IN RE NEW HOPE & IVYLAND R.R. CO.

January 17, 1973

In the Matter of NEW HOPE AND IVYLAND RAILROAD COMPANY

Luongo, District Judge.


The opinion of the court was delivered by: LUONGO

New Hope and Ivyland Railroad (Railroad) is debtor in reorganization under Section 77 of the Bankruptcy Act, 11 U.S.C. § 205. On August 15, 1972, claims of Railroad's creditors were divided into the following classes with priority in reorganization in descending order:

 
I. Administration Expenses
 
II. Taxes Due U.S. Government prior to June 5, 1970
 
III. Real Estate Taxes Due Various Municipalities, etc.
 
IV. Corporate Taxes Due Prior to June 5, 1970
 
V. Prior Claims Six Months Rule
 
VI. Secured Creditors
 
VII. Unsecured Creditors
 
VIII. Common Preferred Stockholders
 
IX. Common Stockholders
 
X. Remaining Assets

 New Hope Historical Society (Society), a creditor of Railroad, seeks to have its claim listed in one or more of the classifications having a higher priority than that of unsecured creditors' claims. Society's claim arises out of an agreement dated June 22, 1966, relating to a structure known as the "Old Railroad Station" under which the parties agreed:

 
". . . Railroad will restore, move and relocate the Old Railroad Station. The . . . Railroad will then have free occupancy of the Station for one year, after which they (sic) will pay to the . . . Society a rental of $125 per month for five years. At the end of this six year period . . . Railroad will have ownership of the Station."

 Prior to the commencement (on June 5, 1970) of these reorganization proceedings, Railroad had made only ten payments under the agreement, leaving an unpaid balance of $6,250. Society contends that it is entitled to priority as a Class I, Administration Expense, claimant for $3,000 of the amount due it; as a Class V, Prior Claims Six Months Rule, claimant for 3 or 6 months "rent"; and as a Class VI, Secured Creditors, claimant for the balance. Society's claim to priority status is resisted by ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.