Reed v. Chicago, N. S. & M. R.

SPARKS, Circuit Judge.

This appeal presents the question whether Chapter VIII or Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 201 et seq., § 501 et seq., is the appropriate channel for reorganization of the debtor railroad. Feeling uncertain as to the proper mode of procedure, appellants, the owners of two and one-half million dollars of senior lien securities of the Chicago, North Shore and Milwaukee Railroad, filed two separate petitions for its reorganization under the two chapters referred to above. After hearing on the two petitions, consolidated'' for that purpose, the District Court…