In the Matter of the Central Railroad Company of New Jersey, Debtor. Appeal of State of New Jersey

ALDISERT, Circuit Judge,

with whom WEIS, Circuit Judge, joins (dissenting).

I would affirm the order of the district court and reaffirm the action of the panel which first considered this appeal.1 I would hold that the reorganization court had jurisdiction to act and that its order did not constitute an abuse of discretion.

Because my approach differs substantially from that of the majority, it becomes necessary first to outline general contours of the crisis facing our nation’s passenger rail carriers today. I deem such an understanding to be essential to the solution of the problem of this…