Ewen v. Peoria & E. Ry. Co.

L. HAND, Circuit Judge.

The facts are sufficiently stated in the report of the Interstate Commerce Commission, 239 I.C.C. 303, 320. (March 27, 1940), passing upon the plan, and we shall accept it as the background for our discussion. The objections are chiefly because the plan disregards rights originally secured to the intervenors in the reorganization of the Ohio, Indiana & Western Railroad, a mortgage upon which was foreclosed in 1889. On the sale under the decree in that suit, Coster and Spencer, who were acting for a committee of the old bondholders, bought in the property and effected a…