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In re New York, New Haven and Hartford Railroad Co.
United States District Court for the District of Connecticut
4 Bankr. 758 (1980)
The New York, New Haven, and Hartford Railroad Co. (the railroad company) (debtor) filed for bankruptcy. A bankruptcy trustee was appointed. To create a reorganization plan that was fair, equitable, and feasible, the bankruptcy court had to value the railroad company’s assets. The trustee argued that the railroad company should be valued according to its possible earning potential after reorganization and valued the company at between $120 million and $150 million. The railroad company’s first-mortgage bondholders (creditors) argued that the company should be valued according to its current market value and valued the company at $71 million. The railroad company’s income bondholders (creditors) proposed a different methodology and valued the company at between $174.5 million and $246 million.
Rule of Law
Holding and Reasoning (Zampano, J.)
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