Findings of "Value" in Railroad Reorganizations
1942; The Yale Law Journal Company; Volume: 51; Issue: 7 Linguagem: Inglês
10.2307/792288
ISSN1939-8611
Autores Tópico(s)Transport and Economic Policies
ResumoSECTION 77 of the Bankruptcy Act has not generally proved an expeditious medium for railroad reorganizations.Nevertheless, by November, 1941, a number of cases involving some of the larger systems had reached advanced stages, and it was not commonly supposed that the Supreme Court's opinion in Consolidated Rock Products Co. T,.Du Bois,' which had been handed down on March 3, 1941, had established any new procedural requirements which had not been fully understood and respected by the Interstate Commerce Commission.However, startling developments were destined to take place.On November 28, 1941, the Circuit Court of Appeals for the Ninth Circuit reversed on procedural grounds the decision of the District Court approving the plan of reorganization of The Western Pacific Railroad Company. 2 On December 4 the Circuit Court of Appeals for the Seventh Circuit similarly disposed of appeals from an order approving the plan for the Chicago, Miwaukee, St. Paul and Pacific Railroad Company. 3 On December 8 District Judge Hincks disapproved the plan which had been approved by the Interstate Commerce Commission for The cw York, &Ne-w Haven and Hartford Railroad Compan3. 4 On December 9 District Judge Igoe issued an order in The Chicago, Rock Island and Pacific Railway Company 5 case, ref-Member of the New York Bar and counsel for
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