Interstate Commerce Commission Reports: Reports and Decisions of the Interstate Commerce Commission of the United States, Volum 240


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Side 415 - The income out of which the mortgagee is to be paid is the net income obtained by deducting from the gross earnings what is required for necessary operating and managing expenses, proper equipment and useful improvements. Every railroad mortgagee in accepting his security impliedly agrees that the current debts made in the ordinary course of business shall be paid from the current receipts before he has any claim upon the income.
Side 416 - ... current debt fund, and put into that which belongs to the mortgage creditors, it certainly is not Inequitable for the court, when asked by the mortgagees to take possession of the future Income and hold It for their benefit, to require, as a condition of such an order, that what is due from the earnings to the current debt shall be paid by the court from the future current receipts before anything derived from that source goes to the mortgagees.
Side 398 - It complies with the provisions of subsection (b) of this section, is fair and equitable, affords due recognition to the rights of each class of creditors and stockholders, does not discriminate unfairly in favor of any class of creditors or stockholders, and will conform to the requirements of the law of the land regarding the participation of the various classes of creditors and stockholders...
Side 399 - ... makes adequate provision for fair and equitable treatment for the interests or claims of those rejecting it; that such rejection is not reasonably justified in the light of the respective rights and interests of those rejecting it...
Side 398 - ... shall provide for fixed charges (including fixed interest on funded debt, interest on unfunded debt, amortization of discount on funded debt, and rent for leased railroads) in such an amount that, after due consideration of the probable prospective earnings of the property in light of its earnings, experience and all other relevant facts, there shall be adequate coverage of such fixed charges by the probable earnings available for the payment thereof...
Side 36 - No reorganization effected under this Act and no order of the court or Commission in connection therewith shall relieve any carrier from the obligation of any final judgment of any Federal or State court rendered prior to January 1, 1929, against such carrier or against one of its predecessors in title...
Side 284 - At a General Session of the Interstate Commerce Commission, held at its office in Washington, DC, on the 19th day of May AD 1914.
Side 573 - An Act to establish a uniform system of bankruptcy throughout the United States...
Side 517 - Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.
Side 398 - ... that will in its opinion meet with the requirements of subsections (b) and (e) of this section, and will be compatible with the public interest ; or it shall render a report and order in which it shall refuse to approve any plan.

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