William O. Douglas

“ Provided, That if provision therefor is made in the plan, the judge may require objecting creditors to accept, in lieu of any cash payment under this subdivision such security, of any kind, in payment of their interests, claims or liens, as shall, in the opinion of the judge, upon the consummation of the plan, represent the fair and equitable shares of such creditors in the property and revenue of the taxing district available for the payment of its debts. ”

“ Notes
↑ Sec. 403, sub. a requires the petition to state, inter alia, that 'creditors of the petitioner owning not less than 51 per centum in amount of the securities affected by the plan (excluding, however, any such securities owned, held, or controlled by the petitioner) , have accepted it in writing.'↑ Sec. 403, sub. b provides that 'the holders of all claims, regardless of the manner in which they are evidenced, which are payable without preference out of funds derived from the same source or sources shall be of one class. ”

“ No. 517, supra, p. 4; 81 Cong.Rec. 6322.↑ Congressman Sumners, Chairman of the House Judiciary Committee, stated during the debate: 'The force of the bill is directed against that minority present in every effort of debtors and creditors to bring the total of amounts payable within the ability of the debtor to pay. It is the minority who try to take advantage of the general desire to settle to compel an advantage to themselves in order to remove their selfishly interposed obstruction. They are hold-up men operating within the law.' 81 Cong.Rec. ”