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MATTER OF PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

328 F.Supp. 1268 (1971)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor (Order No. 253). In re INSTRUCTIONS to TRUSTEES CONCERNING PENN CENTRAL COMPANY.

United States District Court, E. D. Pennsylvania.

May 13, 1971.

Attorney(s) appearing for the Case

Marvin Comisky, Blank, Rome, Klaus & Comisky, Philadelphia, Pa., for Trustees, Penn Central Transportation Co.

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

Morris Raker, Sullivan & Worcester, Boston, Mass., for Trustee of New York, New Haven & Hartford R. R.

David Berger, Philadelphia, Pa., for Richard Robinson and others.

MEMORANDUM

FULLAM, District Judge.

The Penn Central Company owns all of the outstanding stock of the Debtor, but is not itself in reorganization. In connection with the proposed refinancing of a $50 million obligation of the parent company, the latter proposes to issue certain promissory notes, convertible into common stock of the parent company at the price of $7.16 per share. The proposed refinancing would...

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