[Download] "In Re Peyton Realty Co." by Circuit Court of Appeals, Third Circuit ~ eBook PDF Kindle ePub Free

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eBook details

• Title: In Re Peyton Realty Co.
• Author : Circuit Court of Appeals, Third Circuit
• Release Date : January 22, 1945
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 53 KB

Description

This was a proceeding to reorganize the Peyton Realty Company, a corporation owning a large office building in Philadelphia, under Section 77B of the Bankruptcy Statute, 11 U.S.C.A. § 207. The debtor (Peyton Realty Company) defaulted in the payment of interest on its bonds on December 1, 1931, and on July 3, 1934, these proceedings were instituted. On November 17, 1936, a plan of reorganization providing for the formation of a new corporation, was confirmed, to which all the assets of the debtor were to be transferred in consideration of the exchange by the new corporation for securities of the debtor.On April 19, 1937, an order was made specifying the manner in which the exchange should take place, and in accordance therewith notices were duly sent to all known bondholders and advertisements were inserted in the Philadelphia newspapers. This order contained the provision that the right to exchange securities should expire April 18, 1938, unless extended, and the notices and advertisements so provided. In conformity therewith about ninety percent (90%) of the securities of the debtor were exchanged for securities of the new corporation on or before that time. On application of belated securityholders, the time for exchange was extended on several occasions and finally set for December 31, 1941, at which time more than ninety-eight percent (98%) of the securities had been exchanged. On January 23, 1942, the court entered a final decree discharging the Reorganization Committee and terminating the proceedings, in conformity with the Bankruptcy Statute.

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