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In re Atlas Pipeline Corp.
United States District Court for the Western District of Louisiana
39 F. Supp. 846 (1941)
Atlas Pipeline Corp. (Atlas) (debtor) was an oil producer that filed for bankruptcy under the Bankruptcy Act. The bankruptcy trustee proposed a reorganization plan that was approved by all of Atlas’s creditors. The plan would have a group of competing oil producers take charge of Atlas’s management and invest a substantial amount of money into Atlas’s equipment. The Securities and Exchange Commission reviewed the proposed plan and determined that it was neither fair nor feasible. The SEC believed that the trustee overestimated the possible revenue of the reorganized company. The trustee submitted the proposed plan to the United States District Court for the Western District of Louisiana, which had overseen Atlas’s bankruptcy proceedings, for tentative approval.
Rule of Law
Holding and Reasoning (Dawkins, J.)
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