Insurance Group Committee et al. v. Denver & Rio Grande Western Railroad Co. et al. (329 U.S. 607)
U.S. Supreme Court · decided February 3, 1947 · Supreme Court Database (Spaeth)
- Citation
- 329 U.S. 607 · 67 S. Ct. 583
- Decided
- February 3, 1947
- Term
- October Term 1946
- Vote
- 8–1
- Majority author
- Justice Reed
- Issue area
- Economic Activity
- Disposition
- Vacated
- Outcome
- Petitioning party won
- Ideological direction
- Liberal
Opinion excerpt
Mr. Justice Reed delivered the opinion of the Court. On November 29, 1944, the District Court for the District of Colorado confirmed a plan of reorganization for the debtor, the Denver & Rio Grande Western Railroad Co., 62 F. Supp. 384, notwithstanding the rejection of the plan by holders of the General Mortgage bonds pursuant to § 77 (e). Upon appeal the Circuit Court of Appeals reversed the order of confirmation. This Court granted certiorari, reversed the Circuit Court and affirmed the order of confirmation. 328 U. S. 495. The debtor consistently opposed the plan throughout those proceedings. After the opinion of this Court was filed on June 10, 1946, the debtor petitioned for a rehearing, which was denied October 28,1946. At about the same time as that of filing its petition for rehearing, it moved in the District Court (September 17, 1946) for a re-examination of the plan in the light of circumstances which had changed since the Interstate Commerce Commission’s hearings on the plan in May, 1941. 2541. C. C. 5, 6. The debtor specified three categories of changed conditions: “(a) The decline in money rates to a level far below the rates prevailing at these dates; (b) The recent public offering by the Government and purchase by private capital for private operation of the steel plant at Geneva, near Provo, Utah, which had been constructed by the Government in the exigencies…
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