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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

335 F.Supp. 831 (1971)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re The FIDELITY BANK v. TRUSTEES OF the DEBTOR.

United States District Court, E. D. Pennsylvania.

November 17, 1971.

Attorney(s) appearing for the Case

Blank, Rome, Klaus & Comisky by Gilbert Stein, and Gerald Broker, and John F. Bomster, Philadelphia, Pa., for the Trustees, Penn Central Transportation Co.

Morgan, Lewis & Bockius by John H. Lewis, Jr., and John N. Schaeffer, Jr., Philadelphia, Pa., for the Fidelity Bank.

Duane, Morris & Heckscher by Williamson P. Donald, Philadelphia, Pa., for Bankers Trust Co. and Manufacturers Hanover Trust Co.

Dechert, Price & Rhoads by Matthew Broderick, Philadelphia, Pa., for Penn Central Co.

Drinker, Biddle & Reath by Jack B. Justice, Philadelphia, Pa., for Chase Manhattan Bank.

Tate & Ervin by W. Bourne Ruthrauff, Philadelphia, Pa., for Richard Joyce Smith, trustee, New York, New Haven & Hartford Railroad.

Fox, Rothschild, O'Brien & Frankel by Nochem S. Winnet, Philadelphia, Pa., for First Natl. City Bank of New York.

Ballard, Spahr, Andrews & Ingersoll by Richardson Blair, Philadelphia, Pa., for Morgan Guaranty Trust Co.

MEMORANDUM AND ORDER NO. 494

FULLAM, District Judge.

The Fidelity Bank filed a motion (Document No. 1945) seeking leave to commence a plenary action against the Debtor and the Trustees. The gist of the proposed action is a challenge to the validity of a 401-year lease, entered into in 1873, between the Debtor's predecessors and the New York and Harlem Railroad Company, pursuant to which the Debtor has possession of, and the right to sell, all of the property...

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