Southern Railway Co. v. United States

JOHN R. BROWN, Circuit Judge.

This case is a piece of Americana. It comes face to face with three markers *122of our early 20th century civilization— railroads, railroad financing, and equity receiverships. And as to the first and third, it marks the end of a railroad and the equity receivership that kept it going for over thirty-five years. Typical of the dissatisfactions which brought about complex bankruptcy reorganization machinery, this receivership seems finally to have become almost an end in itself. And, as with so many others, while well run and contributing undoubtedly to the regional…