Word: icc
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Three times after 1940, the ICC approved reorganization plans, but each plan was hung up by Bob Young in court because it favored bond or preferred stockholders and excluded common shareholders (TIME, Dec. 10, 1951). The approved Plan No. 4 for the first time gave common stockholders a share in the reorganized company, won the approval of twelve out of 14 classes of creditors and stockholders, including Young...
...homestretch after 22 years of bankruptcy. The U.S. Supreme Court has ruled against a group of dissenting Missouri Pacific shareholders seeking to block the reorganization under which common stockholders would get 40,500 new shares of stock and preferred stockholders 1,750,000 shares. If the ICC approves the plan, reorganization may be wrapped up within 60 days...
LOWER PULLMAN FARES will be tried in an experiment to increase off-season travel. ICC has given Pullman Co. permission to cut fares (until April 30) on berths, roomettes and compartments as much as 40% on 15 railroads operating west of Chicago...
...Interstate Commerce Commission. Ever since a McGinnis group won control of the Boston & Maine Railroad last April, the B. & M. president's chair has been empty, and McGinnis aspired to fill it, as he does the presidency of the New Haven. When he failed to show up before ICC Examiner Homer T. Kirby to push his application, his lawyer explained that he was busy 24 hours a day personally dealing with the New Haven's problems. Asked Examiner Kirby: "If Mr. McGinnis spends all his waking and sleeping hours running the New Haven, how can he possibly...
...native Ohioan and Big Man on Campus (Ohio State), Minor came to ICC by a remarkably circuitous route. He worked summer vacations as an entertainer in New York's borscht circuit, later spent a year touring 40 states with a Major Bowes unit as part of a three-man comedy act called The Micro Maniacs. Drafted into the Army in 1942, Minor rose to command a machine-gun company in the Normandy invasion (where he received the Purple Heart), went back to civilian life in 1946 with the rank of lieutenant colonel, and returned to Ohio State, where...