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eBook details

• Title: In Re Porto Rican American Tobacco Co.
• Author : United States Court of Appeals for the Second Circuit
• Release Date : January 10, 1941
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

On July 13, 1939, Porto Rican American Tobacco Company filed a petition for reorganization under chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq. Its attorney was the appellant; he had been retained as its counsel for this proceeding on June 23, 1939. The district court immediately approved the petition, appointed trustees for the debtor and allowed them to retain an attorney to serve as their counsel. Thereafter two committees representing bondholders and two committees representing Class A stockholders were created and permitted to intervene in the proceeding. Each of these committees had its own attorney. In March 1940 the trustees proposed a plan of reorganization which contemplated the formation of a new corporation to continue the business and the issuance of perferred stock to the debtors bondholders and a junior stock to the debtors Class A stockholders. A month later the trustees obtained an offer of $4,000,000 for the assets of Congress Cigar Company (the debtors subsidiary), and they thereupon proposed an amended plan based upon acceptance of this offer. The amended plan was confirmed over the opposition of the stockholders committees, with whose attorneys the appellant cooperated. From the order of confirmation the stockholders committees took an appeal, as did also the debtor. This court affirmed the order. In re Porto Rican Am. Tobacco Co., 2 Cir., 112 F.2d 655. Thereupon the attorney for the debtor, the trustees and their counsel, the bondholders and stockholders committees and their counsel and various other persons who claimed to be entitled to compensation, filed their several petitions therefor in the district court. The appellant applied for an allowance of $260.27 for disbursements and $14,500 for services. The disbursements were practically all incurred in the debtors appeal from the order of confirmation; the services represented approximately 600 hours of work by the appellant and his office associates from May 1939 to June 1940.The district court stated that the services "for which he may be compensated from the estate, consisted principally of filing the petition under chapter X on behalf of the debtor"; it awarded him only $750 for services and disbursements. From this order he has appealed.

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