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IN RE CITIES SERVICE CO.

Civil Action No. 1028.

71 F.Supp. 1003 (1947)

In re CITIES SERVICE CO.

District Court, D. Delaware.

June 10, 1947.

Attorney(s) appearing for the Case

Caleb S. Layton (of Richards, Layton & Finger), of Wilmington, Del., Clinton J. Ruch and Eugene B. Sullivan (of Frueauff, Burns, Ruch & Farrell), and Joseph L. Weiner, all of New York City, for Cities Service Company.

Harry G. Slater and M. Morton Weinstein, both of Philadelphia, Pa., for the Securities and Exchange Commission.

Arthur Richenthal, Irving M. Moss, and Harold Levin, all of New York City, for the Committee of Preferred Stockholders.

Samuel A. Mehlman, of New York City, for individual Preferred and Preference stockholders.

Louis Kipnis (of Joseph Nemerov), of New York City, for individual Preferred Stockholders.

LEAHY, District Judge.

At the hearing, I approved the plan from the bench, but informed counsel that I would file a memorandum on the question whether the preferred should receive debentures in the principal amount sufficient to cover their liquidating claim which includes the redemption figure. I turn now to a consideration of this feature of the plan.

The test always in these cases is whether the proposed plan is fair and equitable to the security holders...

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