Legal Opinion
In the Matter of Penn Central Transportation Company, Debtor. Appeal of State of New York, 71-1066. Appeal of State of New Jersey, 71-1151
Court of Appeals for the Third Circuit
Decided December 28, 1971No. 71-1066, 71-1151PublishedCited by 26 opinions
1Opinion of the Court
OPINION OF THE COURT
SEITZ, Chief Judge.
Shortly after the trustees were appointed to reorganize Penn Central Transportation Company, it became apparent that anticipated revenues from company operations and other sources would be insufficient to meet its current operating obligations. A substantial part of its current obligations consists of tax assessments levied by various states and their municipalities on property owned or leased by Penn Central. Annually these assessments approximate $64,000,000.
In an attempt to maintain rail service despite the foreseeable operating deficit, the trustees…
2Cases cited7 opinions
- Continental Illinois National Bank & Trust Co. v. Chicago, Rock Island & Pacific Ry. Co.Supreme Court of the United States · 1935
- Gardner v. New JerseySupreme Court of the United States · 1947
- New Jersey v. AndersonSupreme Court of the United States · 1906
- Michigan v. Michigan Trust Co.Supreme Court of the United States · 1932
- Arkansas Corporation Comm'n v. ThompsonSupreme Court of the United States · 1941
2 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- In Re Penn Central Transportation Co.District Court, E.D. Pennsylvania · 1978
- In Re Ionosphere Clubs, Inc.United States Bankruptcy Court, S.D. New York · 1989
- 9 Collier bankr.cas.2d 1377, Bankr. L. Rep. P 69,412 in Re Boston and Maine Corporation, Debtor. Appeal of City of CambridgeCourt of Appeals for the First Circuit · 1983
- In the Matter of Chicago, Milwaukee, St. Paul & Pacific Railroad Company, Debtor. Consolidated Appeals of Railway Labor Executives' Association, Intervenor. State of Wisconsin Department of Transportation, State of South Dakota, Port of Pend Oreille, Pend Oreille Valley Railroad Company, Inc., and Seattle and North Coast Railroad Company, InterveningCourt of Appeals for the Seventh Circuit · 1981
- In re Boston & Maine Corp.Court of Appeals for the First Circuit · 1983
21 more not listed; retrieve them via the Exa API.