Joseph P. Bradley

“ Their status as bondholders and otherwise does not seem to have been denied. As bondholders, and as interested under the second mortgage, if not under the purchasing agreement, we do not well see how the court, under the circumstances, could have refused their application. The trustees themselves, who were the nominal complainants, were the parties interested to obtain large allowances for themselves, and could not be relied on to have them reduced. ”

“ It is unnecessary to review the evidence; it is too voluminous. The question is one of fact and estimation, and we will content ourselves by stating the conclusions at which we have arrived.
We are of opinion—
(1) That Williams & Thomson had such an interest, and were so situated in the cause, that they had a right, by leave of the court, to except and object to the charges and allowances presented by the trustees and receivers, and that they had a right to appeal from the decree of the circuit court to this court.
(2) That the said decree was a final decree for the purposes of an appeal. ”

“ Their contracts are with a voluntary committee of bondholders who have made a purchasing agreement. They have not purchased the railroad nor purchased the bonds, but have m de an agreement with the committee that they should purchase and sell to the railroad on a variety of conditions which may not be fulfilled. Any higher bidder may acquire the railroad. The trustees have a reserved right and obligation to purchase the road. Williams & Thomson may not appear and carry out one word of the engagement, or comply with the conditions to bind the buyer with the bondholders' committee. ”

“ If such an agreement should be obtained, then the railroad, franchises, equipment, and property should be sold under a decree of foreclosure and sale in the pending cause according to law, and bid in by the committee for the purpose of carrying out the arrangement. It was also agreed that the receivers and trustees should, by the Louisville Company, or in some other satisfactory manner, be protected from all their obligations and liabilities ”

“ They have no right to contest the claims or the accounts of the plaintiffs or those of the attorneys. They must take the property as they find it and the charges on it should they purchase the property. ”

“ The preferential charges, allowances, and costs to be paid in the cause are as follows:
"Am't for certificates of indebtedness,. $700,000
" due to John E. Parsons, counsel,.. 15,000
" J. A. Campbell, counsel........... 20,000
" E. D. Morgan and J. A. Raynor, trustees,. 25,677
" for publishing notice of sale in New York, New Orleans,
and Mobile,........................ ”