In Re North Continent Utilities Corporation

LEAHY, District Judge.

This matter is here on an application of the Securities and Exchange Commission pursuant to Section 11(e) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k(e), to approve a certain plan of North Continent Utilities Corporation as fair, equitable and appropriate to-effectuate the provisions of Section 11(b) of the Act. At the hearing both the corporation and the Commission supported the plan. A preferred stockholders’ committee opposed court approval on the ground that the plan was not a “plan” within the meaning of Section 11(e) of the Act; that the…