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IN RE INTERNATIONAL POWER SECS. CORP.

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY


February 19, 1954

In re INTERNATIONAL POWER SECURITIES CORP

The opinion of the court was delivered by: SMITH

This is a corporate reorganization under Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq. The matter is before the Court at this time on the petitions for allowances filed herein by the Bankers Trust Company, the indenture trustee, and White & Case, attorneys for the indenture trustee. Their right to 'reasonable compensation' for the services rendered is governed by Section 242 of the Act, 11 U.S.C.A. § 642.

The general principles by which we have been guided in our evaluation of the services rendered by these petitioners were briefly reviewed in our earlier opinion, filed herein on April 24, 1953 and reported in 112 F.Supp., at page 46. A further review of these principles would add little or nothing to this opinion.

 Petition of Indenture Trustee

 There were included among the assets of the debtor three mortgages on the utility properties of Societa Edison of Milan, Italy, hereinafter identified as the Edison Company. These mortgages, which were the subjects of three separate trust indentures, were held by the indenture trustee as security for three separate bond issues, to wit, Series C Bonds, Series E Bonds, and Series F Bonds. The indenture trustee served throughout these proceedings. The present claim for compensation is predicated upon the services rendered in the proceeding and in connection with the formulation of the plan of reorganization. The indenture trustee requests an allowance in the amount of $ 72,524.42. The requested allowance includes the following charges for the 'ordinary services' rendered by the indenture trustee in the administration of the trust: Charges Accrued Prior to January 1, 1947: Series C Series E Series F General administration......... $ 7,796.32 $ 8,645.83 $ 5,566.67 Registration................... 608.33 691.67 695.83 Cremation of bonds, &c......... 99.74 180.28 165.15 Total.......................... $ 8,504.39 $ 9,517.78 $ 6,427.65 Charges Accrued Subsequent to January 1, 1947: Series C Series E Series F General administration......... $ 6,041.67 $ 6,041.67 $ 3,866.67 Registration................... 483.33 483.33 483.33 Cremation of bonds, &c......... 62.15 90.85 11.60 Total.......................... $ 6,587.15 $ 6,615.85 $ 4,361.60

19540219

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