In Re Chicago

This proceeding, culminating in a plan of reorganization of The Chicago, Rock Island & Pacific Railway Company under § 77 of the Bankruptcy Act, as amended. 11 U.S.C.A. § 205, was commenced on June 7, 1933. The plan was approved by the Interstate Commerce Commission on May 1, 1944, and approved by the trial judge on June 15, 1945. On appeal this court examined the plan pursuant to the statute, endorsed the Commissions method of valuation, and affirmed the order approving the plan on May 23, 1946 (157 F.2d 241). Under the plan all creditors are provided for in varying degrees. The plan provides a capitalization of $356,117,327, based on the Commissions determination of the earning power of the property, past, present and future.This capital structure is divided into first mortgage bonds, second mortgage income bonds, preferred stock having a par value of $100 per share, and 1,522,672 shares of no par value common stock.