Word: icc
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...indictment was based on charges that on several occasions in 1943 the B. & O. filed statements with the RFC and the ICC reporting cash balances considerably lower than the actual balances. Presumably, the smaller balances minimized the road's ability to repay the loan (now reduced to about $68 million). The evidence seemed none too strong, and railroad experts explained the discrepancies by saying that the bookkeepers had merely reported, in advance, transfers of funds which the B. & O.'s funding contracts required them to make later...
...last week an ICC board of examiners, which has been studying the reorganization plan for three months, surprised everyone by recommending a review. It raised the question of whether MoPac's common stock should, after all, be wiped out, agreed with Young that MoPac's earnings had improved enough since the plan was first approved in 1949 to warrant a review by the full commission. Though ICC had not yet made up its mind, railroaders thought that it was sure to follow the board's recommendation...
...short, it looked as if even ICC was beginning to agree with critics who have charged that the commission has badly underestimated the earning power of railroads, and needlessly wiped out common stockholders in reorganization plans. When the Supreme Court refused to review the MoPac case, Justice Felix Frankfurter charged ICC with a "uniformity of erroneous guessing...
...long and complicated race for control of the bankrupt Missouri Pacific, Railroad Juggler Robert R. Young has had the throttle wide open, but so far has gotten nowhere. Young has been battling an ICC plan which would turn over the now profitable road to the bondholders and wipe out MoPac's 828,395 shares of common stock, more than half of which are owned by Young's Alleghany Corp. (TIME, Dec. 10). Last week Young lost his fourth attempt to block the ICC plan, when the U.S. Supreme Court turned down requests by him and four others...
...decision put Young down but not out. ICC now has a panel at work deciding whether its reorganization plan should be reconsidered to see if MoPac's earnings were bigger than the 1949 plan allowed for. If the panel decides yes, the whole MoPac receivership battle, already 19 years old, may begin all over again...