Reports of Decisions of the Public Service Commission, First District, of the State of New York Volume 2

Reports of Decisions of the Public Service Commission, First District, of the State of New York Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ...or not the company had made a good or a bad bargain. So here, the plan of reorganization had determined for what and in what manner the obligations of the company should be issued, and it is within the jurisdiction of the Commission to determine whether that plan is being carried out, not whether the plan was good or bad. In 1910, Section 54 of the Public Service Commissions Law was amended so as to read as follows: "Nothing herein contained shall be construed to prevent the holding of stock heretofore lawfully acquired or to prevent upon the surrender or exchange of said stock, pursuant to a reorganization plan, the purchase, acquisition, taking or holding of a proportionate amount of stock of any new corporation organized to take over at foreclosure or other sale the properly of any corporation whose stock has been thus surrendered or exchanged." This is direct legislative recognition of the continued existence of the reorganization statute. The question which we have deemed to be controlling and which has been heretofore discussed, renders it unnecessary to consider the many interesting Reorganization Plan of the Bondholders' Committee of The Third points presented at bar respecting the property included by the respondents in their valuation, and respecting the basis of such valuation. The fact that we have not considered it necessary to discuss these questions is not to be taken as implying that we consider that the objections by the relators upon the matter of valuation are without merit. The order of the Commission should be reversed and the matter remitted to it, with directions to proceed as indicated in this opinion. INGRAHAM, P. _T., Scorr, MILLER and Dowunc, 1., concurred. INGRAHAM, P. J. (concurring): I fully...show more

Product details

  • Paperback | 384 pages
  • 189 x 246 x 20mm | 685g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236926986
  • 9781236926982