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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

346 F.Supp. 1335 (1972)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Order 751.

United States District Court, E. D. Pennsylvania.

June 6, 1972.

Attorney(s) appearing for the Case

Paul Duke and James Howard, Philadelphia, Pa., for Trustees, Penn Central.

James William Moore, New Haven, Conn., Sullivan & Worcester by Joseph Auerbach, Boston, Mass., and Tate & Ervin by Wilbur Bourne Ruthrauff, Philadelphia, Pa., for Richard Joyce Smith, trustee, New York, New Haven & Hartford RR.

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

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

Leonard Barrack, Philadelphia, Pa., for Penn Central Co.

Edith I. Spivack, New York City, for City of New York.

Davis, Polk & Wardwell by John R. Leekley, New York City, for Morgan Guaranty Trust Co. of N. Y.

Ballard, Spahr, Andrews & Ingersoll by Richardson Blair, and Alan Fellheimer, Philadelphia, Pa., for Girard Trust Bank and Institutional Investors, Penn Central Group.

OPINION AND ORDER NO. 751

FULLAM, District Judge.

In March 1972, the Debtor's Trustees filed a petition seeking approval of their 1972 Road Capital Budget (Document No. 2816). The petition sought authority to make expenditures for 32 "major" projects and for 134 "minor" projects. Also sought was confirmation of the Trustees' authority to make expenditures for capital projects involving less than $100,000 and ratification of the exercise of that authority...

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