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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

335 F.Supp. 832 (1971)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re FIDELITY BANK PETITION.

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 National City Bank of New York.

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

In Proceedings for the Reorganization of a Railroad

OPINION AND ORDER NO. 496

FULLAM, District Judge.

The Debtor is the lessee of the property of the New York and Harlem Railroad Company, under a 401-year lease executed in 1873. Under the terms of the lease, the lessee has the right to sell such portions of the demised premises as are not needed in railroad operations, without accounting for the proceeds until the end of the lease.

The...

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