Opinion
No. 59, Docket 20685.
November 20, 1947.
Appeal from the District Court of the United States for the Southern District of New York.
Proceeding in the matter of the Associated Gas Electric Company, debtor, wherein Jack Principale filed a claim to participate under plan of reorganization and applied for discovery of the history and origin of certificates upon which his claim was based. The General Public Utilities Corporation, as successor to the Associated Gas Electric Company and Associated Gas Electric Corporation was named as appellee on appeal. From an order confirming orders of the referee disallowing claim and denying motion for discovery, 71 F. Supp. 538, claimant appeals.
Affirmed.
Jack Principale, pro se.
E. Robert Willcox, of New York City (Lawrence G. Greene, of New York City, of counsel), for appellee.
Before SWAN, CHASE and CLARK, Circuit Judges.
The appellant acquired his securities by purchase in the open market during or subsequent to 1939. None of them was acquired by him in exchange for any of the securities listed in subdivision 7 of paragraph 6 of the plan of reorganization. These facts are conclusive against his right to participate under the plan. This court has twice held valid the provision of the plan excluding non-original holders of securities such as the appellant owns. Elias, v. Clarke, 143 F.2d 640, 644, cert. denied 323 U.S. 778; In re Associated Gas Electric Co., 149 F.2d 996, 1007, cert. denied sub nom. Elias v. Clarke, 326 U.S. 736. His, contentions were adequately answered by the opinion of the district court, 71 F. Supp. 538, and no purpose would be served by repeating them here. Order affirmed.