v1946-133
IN THE UNITED STATES CIRCUIT COURT OF
APPEALS FOR THE NINTH CIRCUIT
Security-First National Bank of Los Angeles
(a corporation), as Trustee, and Pacific States
Savings and Loan Company (a corporation),
Appellants,
vs.
RiNDGE Land and Navigation Company (a cor-
poration), Debtor, et al..
Appellees.
No. 7965
OUTLINE OF OEAL ARGUMENT FOE APPELLANT,
PACIFIC STATES SAVINGS AND LOAN COMPANY.
Appeals from two orders, Aust 3, 1935 and September 3, 1935,
respectively (R. 388, 396) confirming the Debtor's "Second
Amended Plan of Reorganization" under Section 77B of the
Bankruptcy Act, and denying motions of appellants (1) to dis-
solve an order restraining a sale of the debtor's mortgaged prop-
erty under the trust deed securing its bonded indebtedness, adver-
tised to take place two days after the proceeding for reorganization
commenced; and (2) to dismiss that proceeding which was com-
menced September 21, 1934 by the Debtor, Rindge Land & Navi-
gation Company.
Subdivision (e), Section 77B, provides that "a. plan of re-
organization shall not be confirmed until it has been accepted in
writing " by " creditors holding two-thirds of amount of the claims
of each class" ''provided, however, that such acceptance shall not
be requisite to the confirmation of the plan by any creditor or class
of creditors" "if the plan makes provision for the payment of
their claims in cash in full". (All pertinent provisions of Sec-
tion 77B are quoted in Pacific States Brief, pp. 86-89.)
The plan of reorganization was confirmed in spite of the opposi-
tion of the holder of 98% of the outstanding bonded indebtedness
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