In Re Interstate Power Co.

LEAHY, District Judge.

This is what the plan of reorganization does — -it provides that Interstate, an electric utility company which is also a registered holding company, will reduce its debt, eliminate its preferred stock,, create a new common stock with an equity in assets and earnings, raise working capital and reserve the relative rights of its security holders pending the determination of the legal issues relating to the possible subordination of holdings of Interstate’s parent, which is also a registered holding company. The machinery employed will be the sale of new first mortgage…