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MARINE MIDLAND TRUST CO. v. ALLEGHANY CORPORATION

28 F.Supp. 680 (1939)

MARINE MIDLAND TRUST CO. OF NEW YORK v. ALLEGHANY CORPORATION. CONTINENTAL BANK & TRUST CO. OF NEW YORK v. SAME.

District Court, S. D. New York.

June 24, 1939.

Attorney(s) appearing for the Case

Cook, Nathan, Lehman & Greenman, of New York City (Alfred A. Cook, Harold Nathan, Frederick F. Greenman, Daniel M. Sandomire and Henry Cohen, all of New York City, of counsel), for plaintiff, Marine Midland Trust Co. of New York.

Carl O. Hoffmann, of New York City (A. Zanger and I. Ratner, both of New York City, of counsel), for plaintiff Continental Bank & Trust Co. of New York.

Donovan, Leisure, Newton & Lumbard, of New York City (Carl E. Newton and David F. Rawson, both of New York City, of counsel), for defendant.

LEIBELL, District Judge.

In each of these suits by a plaintiff Trust Company, as trustee for bondholders under one of the issues of the defendant, Alleghany Corporation, plaintiff seeks specific performance of defendant's covenant to maintain the collateral security at 150% of the principal amount of the outstanding bonds of such issue. On these two bond issues the collateral is now less than the stipulated 150%.

Upon the present application, plaintiff in...

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