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IN RE PENN CENTRAL TRANSPORTATION COMPANY

No. 70-347.

354 F.Supp. 402 (1973)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. Re proposed settlement with loan trustees (PENNSYLVANIA TUNNEL & TERMINAL CO.)

United States District Court, E. D. Pennsylvania.

January 23, 1973.

Attorney(s) appearing for the Case

John Wallace, Philadelphia, Pa., for trustees, Penn Cent. Transp. Co.

David Berger, P. A., by David Berger, Michael K. Simon, and Leonard Barrack, Philadelphia, Pa., for Penn Cent. Co.

Gratz, Tate, Spiegel, Ervin & Ruthrauff, by Wilbur B. Ruthrauff, Philadelphia, Pa., for Richard Joyce Smith, trustee, N. Y., New Haven & Hartford R. Co.

Davis, Palk & Wardwell, by Dale L. Matschullat, and Harvey A. Goldman, New York City, for Morgan Guaranty Trust Co. of N. Y., as indenture trustee.

Debevoise, Plimpton, Lyons & Gates, by Michael Patterson, and Robert Geniesse, New York City, for Provident Nat. Bank and A. Wakelee Swartz, Jr., loan trustees.

Ballard, Spahr, Andrews & Ingersoll, by Richardson Blair, Philadelphia, Pa., for Girard Trust Bank.

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

MEMORANDUM AND ORDER NO. 1082

FULLAM, District Judge.

The Debtor owns all of the common stock of the Pennsylvania Tunnel and Terminal Company ("PT&T"). In 1928, PT&T leased all of its properties to the Debtor for a term of 999 years. As rental under this lease, the Debtor was required to pay, inter alia, sums sufficient to meet the carrying charges on PT&T's indebtedness (including future indebtedness approved by the Debtor).

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