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In re Manufacturers Credit Corp.

decided: May 16, 1968.

IN THE MATTER OF MANUFACTURERS CREDIT CORPORATION ET AL., DOBTORS, APPELLANTS, AND OFFICIAL UNSECURED CREDITORS' COMMITTEE, INTERVENOR,
v.
SECURITIES AND EXCHANGE COMMISSION, APPELLEE. IN THE MATTER OF MANUFACTURERS CREDIT CORPORATION ET AL., DEBTORS. SIDNEY ENGELHARDT, EMANUEL ENGELHARDT, AND ISIDOR ENGELHARDT, AND KENRON CO., A PARTNERSHIP (CREDITORS), APPELLANTS, V. SECURITIES AND EXCHANGE COMMISSION, APPELLEE. JOSEPH THIEBERG, RECEIVER, APPELLEE



Kalodner, Forman and Freedman, Circuit Judges.

Author: Forman

FORMAN, Circuit Judge.

This case involves the consolidation of two appeals from an order of the United States District Court for the District of New Jersey of January 12, 1968. In Appeal No. 17088, twenty-six debtor corporations and an official creditors committee question the propriety of that order which granted the motion of the Securities and Exchange Commission (hereinafter SEC) to dismiss arrangement proceedings under Chapter XI of the Bankruptcy Act, 11 U.S.C. § 701 et seq., unless amended petitions are filed either by the debtors or their creditors complying with the reorganization provisions of Chapter X of the Bankruptcy Act, 11 U.S.C. § 501 et seq. In Appeal No. 17112, appellants, Sidney, Emanuel and Isidor Engelhardt (hereinafter Engelhardt) and Kenron Co., challenge only that part of the District Court's order which relates to four of the corporations in which they claim substantial interests.

I -- APPEAL No. 17088

In 1932 Theodore J. Richmond formed a New Jersey corporation named Manufacturers Credit Corporation (hereinafter Manufacturers) to conduct a finance business. Sometime prior to 1948 it became a holding company and by 1967 a complex of twenty-six subsidiary or affiliated companies had been incorporated or acquired. Mr. Richmond was president of each company and controlled its affairs. The stock of each was owned directly or indirectly by Mr. Richmond, his wife and two daughters. The companies have been classified as follows:

Company Business

1. Inter-City Transportation

Co., Inc. Franchised Inter-State Bus Line

2. Northeast Coast Lines Franchise Inter-State Bus Line

3. Orange & Black Bus Lines,

Inc. Franchised Inter-State Bus Line

4. Warwick-Greenwood Lake &

New York Transit, Inc. Franchised Inter-State Bus Line

5. Homestead Transit Co., Inc. Franchised Intra-State Bus Line

6. Inter-City Lines of New

York, Inc. Franchised Intra-State Bus Line

7. Lake Region Coach Co., Inc. Franchised Intra-State Bus Line

8. Fairview Motor Repairs, Franchised Intra-State Bus Line

Inc. Bus Leasing

9. New Jersey-New York

Transit Co., Inc. Bus Leasing

10. Warwick Coaches, Inc. Bus Leasing

11. Washington Corp. Bus Leasing and Financing

12. Clifton Terminal Corp. Real Estate

13. Donal, Inc. Real Estate

14. Fairtrans Realty Corp. Real Estate

15. Jaytee Securities Corp. Real Estate

16. Monroe Securities Corp. Real Estate and Financing

17. Orblack Securities Corp. ...


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