In the Matter of Boston & Providence Railroad Corporation, Debtor. Boston & Providence Railroad Development Group

McENTEE, Circuit Judge.

Efforts have been underway since 1938 to reorganize the Boston & Providence Railroad Corporation (debtor) in accordance with § 77 of the Bankruptcy Act, 11 U.S.C. § 205. Understandably, various plans have been spawned during the more than thirty years since that time. It will be sufficient for our purposes, however, to trace the history and frustrations of the last of these efforts, the 1966 plan. 1

This plan was approved in 1966 by both the Interstate Commerce Commission, see Boston & Providence R. R. Reorganization, 327 I.C.C. 10, and by the District Court for the…