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IN RE PANHANDLE PRODUCING & REFINING CO.

No. 1261.

25 F.Supp. 907 (1938)

In re PANHANDLE PRODUCING & REFINING CO.

District Court, D. Delaware.

December 28, 1938.

Attorney(s) appearing for the Case

Clarence A. Southerland (of Ward & Gray), of Wilmington, Del., and Scott McLanahan (of McLanahan, Merritt & Ingraham), of New York City, for debtor.

William S. Satterthwaite (of Satterthwaite & Foulk), of Wilmington, Del., and Solomon I. Sklar (of Hays, Wolf, Kaufman & Schwabacher), of New York City, for 8% Preferred Stockholders Committee.

Christopher L. Ward, Jr., of Wilmington, Del., and William L. Bainton (of Bainton, McNaughton & Douglas), of New York City, for Protective Committee for Common Stockholders.

Stewart Lynch (of Biggs & Lynch), of Wilmington, Del., for J. S. Judge and Thomas L. Holland.

NIELDS, District Judge.

February 10, 1937 debtor filed its original plan of reorganization and a hearing on the same was to be held March 26, 1937. Such hearing was adjourned from time to time until June 15, 1937. By the latter part of April debtor was encouraged to believe it could sell an issue of notes aggregating $600,000 at a lower rate of interest and under conditions more favorable than under the original plan. After negotiations with the private banking firm...

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