[Download] "Gasifier Mfg. Co. v. General Motors Corporation." by United States Court of Appeals for the Eighth Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Gasifier Mfg. Co. v. General Motors Corporation.
- Author : United States Court of Appeals for the Eighth Circuit
- Release Date : January 25, 1943
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
The appellant, Old Colony Trust Company, is trustee under a certain mortgage of the Kansas City, Memphis & Birmingham Railroad Company securing the payment of bonds of that company referred to in this opinion as the Birmingham bonds. The St. Louis-San Francisco Railway Company later became liable for the payment of the principal and interest of the Birmingham bonds. In proceedings for the reorganization of the St. Louis-San Francisco Railway Company under section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205, the District Court for the Eastern District of Missouri on October 14, 1942, entered an order directing the trustees of the debtor railway company to pay over to the Old Colony Trust Company the aggregate amount of the Birmingham income bonds outstanding, together with interest thereon at the rate of five per cent per annum until November 6, 1942, the date designated in the order for the presentation of bonds and coupons by the holders to the Old Colony Trust Company. Upon presentation of the bonds to it, the Old Colony Trust Company was directed to pay to the holder the aggregate amount of the principal and interest and to deliver the bonds to the trustees of the debtor to be held by them in trust for other creditors as their interest might appear subsequently in the reorganization proceedings. The order also contained provisions for the appropriate adjustment of the rights of creditors affected by the payment of the Birmingham bonds in the course of the reorganization proceedings, and concluded with the following reservation of jurisdiction: "The Court reserves the right and jurisdiction to make such further orders in the premises limiting, modifying or extending the provisions hereof as to the Court may seem proper."