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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

354 F.Supp. 776 (1972)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re Petition of UNITED NEW JERSEY RAILROAD AND CANAL COMPANY.

United States District Court, E. D. Pennsylvania.

October 27, 1972.

Attorney(s) appearing for the Case

Goncer M. Krestal, Blank, Rome, Klaus & Comisky, Matthew W. Bullock, Jr., Philadelphia, Pa., for petitioner.

Richardson Blair, Ballard, Spahr, Andrews & Ingersoll, Morris Cheston, Jr., Philadelphia, Pa., for Girard Trust Bank & Morgan Guaranty Trust Co.

John N. Schaeffer, Jr., Morgan, Lewis & Bockius, Philadelphia, Pa., for The Fidelity Bank.

Charles A. Wolfe, Montgomery, McCracken, Walker & Rhoads, Philadelphia, Pa., for United New Jersey RR & Canal Co.

MEMORANDUM AND ORDER NO. 991

FULLAM, District Judge.

On June 30, 1871, the four railroads comprising the United New Jersey Railroad and Canal Company ("UNJ") leased all of their property, both real and personal, to the Pennsylvania Railroad Company, the Debtor's predecessor, for a term of 999 years. The Debtor and its predecessors have been in possession of the property since then. To date, the Trustees of the Debtor have neither affirmed nor disaffirmed...

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