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MATTER OF PENN CENTRAL TRANSP. CO.

No. 70-347.

450 F.Supp. 86 (1978)

In the Matter of PENN CENTRAL TRANSPORTATION COMPANY, Debtor. In re PROPOSED SETTLEMENT OF PITTSBURGH AND LAKE ERIE LITIGATION.

United States District Court, E. D. Pennsylvania.

April 1, 1978.

Attorney(s) appearing for the Case

Edwin K. Taylor, Philadelphia, Pa., for Penn Central Transp. Co.

Stephen A. Weiner, New York City, for Irving Trust Co., as Indenture Trustee.

Victor Wright, Henry C. Fader, Philadelphia, Pa., for plaintiffs in MDL No. 134.

Nancy J. Gellman, Philadelphia, Pa., for W. C. and W. P. Snyder.

Frederick N. Egler, Pittsburgh, Pa., for Pittsburgh & Lake Erie R. Co.

Gilbert J. Helwig, Pittsburgh, Pa., for H. G. Allyn et al., Individual Director and Officers of Pittsburgh & Lake Erie R. Co.

Spencer Ervin, Jr., Philadelphia, Pa., for New Haven Trustee.

MEMORANDUM AND ORDER NO. 3503

FULLAM, District Judge.

By Collateral Trust Indentures dated April 15, 1965 and April 15, 1968, Penn Central pledged, as collateral security for certain indebtedness, 22.5% of the common stock of the Pittsburgh & Lake Erie Railroad Company, to Irving Trust Company as Indenture Trustee for bondholders. In 1972, various lawsuits were filed by minority shareholders of the P&LE, in their own right and as derivative claims...

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