Court Opinion

ID: 9442771
Source: CourtListenerOpinion
Date Created: 2023-08-03 18:58:51.486504+00
Date Added: 2024-06-11T17:29:13.420097
License: Public Domain

SWAN, Circuit Judge
(dissenting in part).
I concur except as to the allowance of interest in excess of the amount of the Escrow Fund. The plan approved by the order of September 11, 1947 provided for the surrender and cancellation of the preferred stock on payment to the shareholders of $100 per share and accrued dividends, and for the issuance to them of Certificates of Contingent Interest which would entitle them to payment “out of the Escrow Fund” of such additional sum as the court might direct. This plan was found fair and equitable and no one appealed from it. Apparently all parties assumed that the question reserved would be decided promptly enough *811so that the Escrow Fund would be adequate. I think that the holders of the Certificates of Contingent Interest should be held to have assumed the risk of delay and should be confined to what the Escrow Fund gave them.