Old Colony Bondholders v. New York, N. H. & H. R.

My dissent relates solely to my colleagues’ opinion concerning the method of fixing the price of the Old Colony property, as to which I disagree on two alternative grounds.

I

The Plan, as to Old Colony, is based on a “sale ***<?/ the property.” Such a Plan is governed by § 77, sub. b(5), which requires the fixing of a “fair upset price.”

Briefly stated, my first ground is as follows : Under § 77, sub. a, the Commission could have formulated a Plan for the reorganization of Old Colony either (1) “in connection with” or (2) “as a part of the reorganization” of the New Haven. For reasons I shall…