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IN RE FLYING W AIRWAYS, INC.

No. 70-589.

341 F.Supp. 26 (1972)

In the Matter of FLYING W AIRWAYS, INC. and Its Wholly Owned Subsidiary, Red Dodge Aviation, Inc., Debtors in Proceedings for Reorganization Under Chapter X of the Bankruptcy Act.

United States District Court, E. D. Pennsylvania.

February 3, 1972.

Attorney(s) appearing for the Case

Lewis H. Gold, Adelman & Lavine, Philadelphia, Pa., for Trustees.

Neil G. Epstein, Ewing & Cohen, Philadelphia, Pa., for Debtors.

Spencer Ervin, Jr., Tate & Ervin, Philadelphia, Pa., for E. B. R. Corp.

Pace Reich, Modell, Pincus, Hahn & Reich, Philadelphia, Pa., for Shareholders Group.

Raymond W. Midgett, Jr., Neal Colton, Dechert, Price & Rhoads, Philadelphia, Pa., for Girard Bank and Farmers Bank of the State of Delaware.

Martin I. Lubaroff, Richards, Layton & Finger, Wilmington, Del., for Farmers Bank of the State of Delaware.

J. Grant McCabe, III, L. Carter Anderson, Rawle & Henderson, Philadelphia, Pa., and Frank L. Bate, J. William Barba, Shanley & Fisher, Newark, N. J., for PSL Air Lease Corp.

OPINION AND ORDER

EDWARD R. BECKER, District Judge.

I. PRELIMINARY STATEMENT

This is a Chapter X bankruptcy reorganization matter. It presents a myriad of complex issues, with each of which we shall deal in this lengthy opinion. The case is capped, however, by an ultimate question: is there a reasonable prospect of success of the reorganization proceedings? If there is such prospect, then the Court should act in two directions:

First...

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