Legal Opinion
In Re Pittsburgh & Lake Erie Railroad
Court of Appeals for the Third Circuit
Decided September 1, 1976No. 76-1089PublishedCited by 2 opinions
1Opinion of the Court
OPINION OF THE COURT
GIBBONS, Circuit Judge.
Appellant Irving Trust Company (Irving) is a trustee under two trust indentures executed by the predecessors of Penn Central Transportation Company (Penn Central) in anticipation of the public sale of their bonds. Pursuant to the terms of these indentures Penn Central pledged with and delivered to Irving as security a total of 116,698 shares of its stock in The Pittsburgh and Lake Erie Railroad Company (P&LE).1 Irving, as pledgee' of 22.5% of P&LE’s outstanding stock, appeals from an order of the district court approving over its objections, the…
2Cases cited43 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Warth v. SeldinSupreme Court of the United States · 1975
- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- Cort v. AshSupreme Court of the United States · 1975
- Van Dusen v. BarrackSupreme Court of the United States · 1964
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3Cited by2 opinions
- Fed. Sec. L. Rep. P 95,807 in Re the Pittsburgh and Lake Erie Railroad Company Securities and Antitrust Litigation, Appeal of Objector Irving Trust Company, as TrusteeCourt of Appeals for the Third Circuit · 1976
- Overberger v. BT Financial Corp.District Court, W.D. Pennsylvania · 1985