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APPENDIX C

LOAN GUARANTEE APPLICATIONS STATEMENT SHOWING REPAYMENTS AND UNPAID BALANCES FOR APPROVED

APPLICATIONS

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(Subtotal, finance docket

No. 21299).
Subtotal, New Haven RR.

313,000,000

627, 900 12.372. 100 7, 750, 368 15, 409, 032

23, 159, 400

21685 New Haven trustees 21808

Do....

Aug. 2, 1961
Dec. 7. 1961

5,000,000
7,500,000

5.000.000
7,500,000

(Subtotal, New Haven

trustees)...

12,500,000

12.500.000

35,659. 400
40,000,000

7. 750. 368
23, 100, 000

27.909. 032 16,900,000

Total, New Haven trustees. 20689 Penn Central (New York Central).. Sept. 16, 1959 20840 New York, Susquehanna & Western

Apr. 20, 1960 21794 Do...

Mar. 1, 1962

300,000
555, 000

200. 200
425, 500

99 800 129.500

Total.

855, 000

625, 700

229. 300

APPENDIX C-Continued

GUARANTEE APPLICATIONS STATEMENT SHOWING REPAYMENTS AND UNPAID BALANCES FOR APPROVED

APPLICATIONS—Continued

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al of New Jersey defaulted on its loans in finance docket Nos. 21555 and 22640 in March 1967, with unpaid principal of $12,375,000 and $4,620,000, respectively. On June 1, 1967, the United States paid the unpaid principal balance loans, plus interest of $373,312.50, with funds provided by supplemental appropriation (Public Law 90-21). As O, 1970, $1,919,427 had been applied on the principal of these loans from revenue derived from the collateral ntire unpaid principal balance of these loans, with accrued interest, was paid by the receiver of the Georgia & 1 June 29, 1963, from the funds received by him from sale of all of the properties and franchises of the railroad subsidiaries of the Southern Railway. No further disbursements will be made. aven defaulted on its loans in finance docket Nos. 20398 and 21299 in July 1961, with unpaid principal balances of I and $13,000,000 respectively. On Oct. 2, 1961, the United States paid the unpaid principal balance of these s interest, with funds provided in supplemental appropriations bill 1962 (H.R. 9169). The loans in finance docket 2 and 20397 were assumed by the trustees. The loan in finance docket No. 20372 was subsequently assumed by tral. As of June 30, 1970, $1,057,868 has been applied on the principal of the loan in finance docket No. 20398 agreement approved by the court leaving a balance of $317,132. une 30, 1970, $627,900 had been applied against the principal of this loan as a result ettlement of ee also footnote 4 on sheet 2 of app. D). equest of the railroad the commitment of the lender in respect of this undisbursed balance terminated as of 64. Accordingly, no further disbursements will be made.

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ncipally on (a) the average of high and low market values for the current period of pledged securities, and ciated value of equipment and other property as of June 30, 1970, where the title to equipment or other e collateral. of the Jersey Central loans has been in the hands of the Department of Justice since default in March 1967. of the collateral does not, therefore, reflect any settlements which may have been entered into in respect al. ing table for details in respect of security for loan guarantees to New Haven RR. and New Haven Trustees. Detail in Respect of Security for Pt. V Loan Guarantees to New Haven RR. and the Trustees

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Net depreciated value of 30 locomotives. This loan was assumed by New Haven trustees and by Penn Central in 1968. • This loan, which was assumed by trustees, has been paid in full.

3 Balance will be satisfied by delivery to the United States of B. & P. bonds upon finalization of Boston & Providence reorganization.

• This loan is not secured by any pledge of collateral. However, New Haven convenanted that if it should receive any income from certain claims then in litigation and certain other sources, such income shall be applied in reduction of the outstanding loan. As of June 30, 1970, $627,900 has been applied against the principal of this loan as a result of settlement of certain of said claims.

5 New Haven defaulted on its loans in finance docket Nos. 20398 and 21299 in July 1961, with unpaid principal balances of $1,375,000 and $13,000,000, respectively. On Oct. 2, 1961, the United States paid the unpaid principal balance of these loans, plus interest of $300,740, with funds provided in supplemental appropriations bill 1962 (H.R. 9169).

• Receiver's certificates. 7 On Dec. 7, 1961, a loan guarantee of $7.5 million was approved. $3 million was disbursed to the trustees on Dec. 31, 1961, and the remaining $4.5 million was disbursed on Mar. 4, 1965.

• Embraces 4 separate authorizations (all millions). $4.5 on Oct. 31, 1960; $3.5 on Dec. 29, 1960; $3.5 on Feb. 14, 1961; and $1.5 on May 12, 1961.

Supplementary Statement of Commitments and Contingencies, Interstate Commerce

Commission-Loan Guarantees to Railroads Under Pt. V of the Interstate Commerce Act, as Amended

1

Guaranteed or insured credits:

Gross amount outstanding---
Collateral or other realizable assets..
Description of collateral: (See appendix hereto).

"$137, 500, 000

154, 300, 000

1 Represents contingent liability of the United States under loan guarantees authorized and disbursed by lenders, less repayments as of the above date. This amount gives effect (1) to payment by the United siates on Oct. 2, 1961 of $14,375,000 ($1,685,768 has since been recovered) principal unpaid balance of two guaranteed loans of New York, New Haven & Hartford RR. Co., which are identified in the appendix hereto, with funds provided in supplemental appropriations bill 1962 (H.R. 9169), and (2) to payment by the United States on June 1, 1967, of $16,995,000 ($1,919,427 has since been recovered) principal unpaid balance of 2 guaranteed loans of the Central RR. Co. of New Jersey, also identified in the appendix hereto, with funds provided by supplemental appropriation (Public Law 90-21). The other outstanding guaranteed loan of New York, New Haven & Hartford RR. Co., also identified in the appendix, was assumed first by the New Haven trustees in the reorganization proceeding and later by Penn Central when it acquired the New Haven railroad properties.

N.B. This loan guarantee program (pt. V of the Interstate Commerce Act, as amended) terminated, as to receipt of new applications, on June 30, 1963. All applications pending as of that date have been processed, and the proceeds of all loans guaranteed under this program have been fully disbursed.

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Boston & Maine RR:

Finance docket No. 20429
Finance docket No. 21365.
Security for finance docket Nos. 20429 and 21365:

B. & M. Ist mortgage series TT bonds.
Northern RR., 21,410 shares common stock.
Vermont & Massachussetts RR., 11,647 shares com-

mon stock
Stony Brook RR., 1,863 shares common stock.
B. & M. Transportation Co., mortgage note.
B. & M. Transportation Co., 1,000 shares common

stock...
Springfield Terminal RR. CO., 2,000 shares stock.

U.S. Treasury Bonds due Nov. 15, 1973.
Finance docket No. 21615.
Finance docket No. 22231 Equity in collateral pledged to

secure above loans under finance docket Nos. 20429 and

21365.. Finance docket No. 22639.

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Total.
Central Railroad of New Jersey:
Finance docket No. 21555:

Central Railroad of New Jersey, general morgtage 3/4

percent bonds...
Hopper cars.
Lehigh & New England RR. Co., Ist mortgage bonds.
250 shares L. & N. E. RR. Co., no par common stock.
Second mortgage on physical properties of Central Rail-

road of New Jersey. Finance docket No. 22640:

Promissory note of Railway Express Agency, Inc.
19,994 shares New York & Long Branch RR. CO.
New York & Long Branch RŘ. Co., 5 percent Cons.

mortgage bonds, Series A.
New York & Long Branch RR. CO., 4 percent Cons.

mortgage bonds, series B.
Equity in collateral pledged under above Finance docket

No. 21555 (Represented by assignment of the rail-
road's equity in all the freight cars and the securities
pledged as collateral for the loan in finance docket No.
21555, and delivery of a 3d mortgage on fall of the
railroad's properties).

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8.0

Erie Lackawanna RR.:
Finance docket No. 21494:

D.L. & W., Pennsylvania div., 1st mortgage 6 percent

6. 3

series B bonds. D.L. & W., Pennsylvania div., 1st mortgage 6 percent

series C bonds. Erie RR. CO. Ist Consl. mortgage 4 percent series I bonds. Securities of affiliated companies.

Total.

6.5
4.2
5.6

3.8
1.7
3.1

12.0

24.3

14.9

12.0

See footnotes at end of table, p. 44.

Detail in Respect of Security for Pt. V Loan Guarantees to New Haven RR. and the Trustees

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1 Net depreciated value of 30 locomotives. This loan was assumed by New Haven trustees and by Penn Central in 1968. ? This loan, which was assumed by trustees, has been paid in full.

3 Balance will be satisfied by delivery to the United States of B. & P. bonds upon finalization of Boston & Providence reorganization.

This loan is not secured by any pledge of collateral. However, New Haven convenanted that if it should receive any income from certain claims then in litigation and certain other sources, such income shall be applied in reduction of the outstanding loan. As of June 30, 1970, $627,900 has been applied against the principal of this loan as a result of settlement of certain of said claims.

New Haven defaulted on its loans in finance docket Nos. 20398 and 21299 in July 1961, with unpaid principal balances of $1,375,000 and $13,000,000, respectively. On Oct. 2, 1961, the United States paid the unpaid principal balance of these loans, plus interest of $300,740, with funds provided in supplemental appropriations bill 1962 (H.R. 9169).

• Receiver's certificates. ? On Dec. 7, 1961, a loan guarantee of $7.5 million was approved. $3 million was disbursed to the trustees on Dec. 31, 1961, and the remaining $4.5 million was disbursed on Mar. 4, 1965.

• Embraces 4 separate authorizations (all millions). $4.5 on Oct. 31, 1960; $3.5 on Dec. 29, 1960; $3.5 on Feb. 14, 1961; and $1.5 on May 12, 1961.

Supplementary Statement of Commitments and Contingencies, Interstate Commerce

Commission-Loan Guarantees to Railroads Under Pt. V of the Interstate Commerce Act, as Amended

1

Guaranteed or insured credits:

Gross amount outstanding---
Collateral or other realizable assets.
Description of collateral: (See appendix hereto).

"$137, 500, 000

154, 300, 000

1 Represents contingent liability of the United States under loan guarantees authorized and disbursed by lenders, less repayments as of the above date. This amount gives effect (1) to payment by the United States on Oct. 2, 1961 of $14,375,000 ($1,685,768 has since been recovered) principal unpaid balance of two guaranteed loans of New York, New Haven & Hartford RR. Co., which are identified in the appendix hereto, with sunds provided in supplemental appropriations bill 1962 (H.R. 9169), and (2) to payment by the United States on June 1, 1967, of $16,995,000 ($1,919,427 has since been recovered) principal unpaid balance of 2 guaranteed loans of the Central RR. Co. of New Jersey, also identified in the appendix hereto, with funds provided by supplemental appropriation (Public Law 90-21). The other outstanding guaranteed loan of New York, New llaven & Hartford RR. Co., also identified in the appendix, was assumed first by the New Haven trustees in the reorganization proceeding and later by Penn Central when it acquired the New Haven railroad properties.

N.B. This loan guarantee program (pt. V of the Interstate Commerce Act, as amended) terminated, as to receipt of new applications, on June 30, 1963. All applications pending as of that date have been processed, and the proceeds of all loans guaranteed under this program have been fully disbursed.

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