In re Plan for the Readjustment of the Rights of the Holders of Mortgage Investments Guaranteed by New York Title, & Mortgage Co.

The New York State Superintendent of Insurance, as liquidator of New York Title and Mortgage Company, appeals from so much of an order entered October 1, 1947, as adjudges that interest differential claims exist in favor of certain mortgage certificate holders. A statement is necessary of the facts leading up to this dispute.

Certain mortgage investments issued and guaranteed by New York Title and Mortgage Company were reorganized under chapter 745 of the Laws of 1933, as *973amended, known as the Sehackno Act, by a plan approved by the Supreme Court. Pursuant to said plan, six first mortgages,…