In the Matter of INVESTORS FUNDING CORPORATION OF NEW YORK et al., Debtors.
United States District Court, S.D. New York.https://leagle.com/images/logo.png
December 23, 1980.
December 23, 1980.
Attorney(s) appearing for the Case
Weil, Gotshal & Manges, New York City by Alan B. Miller, Thomas Weber, David J. Ciminesi, New York City, for Trustee.
Stillman, Friedman & Shaw, P.C., New York City by Charles A. Stillman, New York City, for IFC Collateral Debentureholders' Committee.
Kronish, Lieb, Shainswit, Weiner & Hellman, New York City by Richard Lieb, New York City, for IFC Debentureholders' Protective Committee.
Milbank, Tweed, Hadley & McCloy, New York City by John J. Jerome and Michael J. Levin, New York City, for Chase Manhattan Bank.
James Rayhill, New York City, for U.S. Trust Co.
Alexander & Green, New York City by David S. Pennock and John Macuga, Jr., New York City, for Helmsley Enterprises.
Winer, Neuberger & Sive, New York City by David Paget, New York City, for Republic Life Ins. Co.
Zalkin, Rodin & Goodman, New York City by Richard Toder, New York City, for The First Nat. Bank of Chicago, Citibank, N.A., and Chemical Bank.
Proskauer, Rose, Goetz & Mendelsohn, New York City by David Goldblatt, and David Aronson, New York City, for Ernst & Whinney.
Cahill, Gordon & Reindel, New York City by R. Anthony Zeiger, New York City, for Peat, Marwick, Mitchell & Co.
Samuel M. Krieger, John F. Murray, New York City, for Securities and Exchange Commission.
United States District Court, S.D. New York.
OPINION
BONSAL, District Judge.
Investors Funding Corporation of New York ("IFC") is a publicly-held company. Its stock was listed on the American Stock Exchange on December 16, 1961. The subordinated debentures of IFC and its wholly-owned subsidiary, IFC Collateral Corporation ("IFC Collateral") are publicly-held. On December 31, 1974, IFC had approximately 8,000 stockholders and 26,000 debentureholders.
On October 21, 1974, IFC and IFC Collateral...
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