Nachman v. Tennessee Electric Power Co.

This consolidated action of four separate suits stems from identical facts and presents issues fundamentally alike.

Plaintiffs are holders of bonds or of bond coupons issued pursuant • to the mortgage of defendant Tennessee Electric Power Company, dated June 1, 1922, under which defendants City Bank Farmers Trust Company and William W. Hoffman were trustees.

As of August 15, 1939, Tennessee’s outstanding bonds aggregated $39,790,800, representing a six per cent series due June 1, 1947, of $20,569,300, and a five per cent series due June 1, 1956, - of $19,221,500.

Tennessee had the option to…