Dana v. Securities & Exchange Commission

In this proceeding the judge denied leave to a committee of the debtor’s shareholders to intervene in a proceeding under Chapter X, 11 U.S.C.A. § 501 et seq., upon the authority of In re Philadelphia & Reading C. & I. Co., 3 Cir., 105 F.2d 358; but ordered that it should “receive notice of all matters arising in this proceeding with the right to participate therein.” Not satisfied with this, the committee appealed.

Section 77B, 11 U.S.C.A. § 207, gave to “any creditor or stockholder * * * the right to be heard” only as to “the permanent appointment of * * * trustees, and * * * confirmation of…