APPENDIX C LOAN GUARANTEE APPLICATIONS STATEMENT SHOWING REPAYMENTS AND UNPAID BALANCES FOR APPROVED APPENDIX C-Continued LOAN GUARANTEE APPLICATIONS STATEMENT SHOWING REPAYMENTS AND UNPAID BALANCES FOR APPROVED 1 Central of New Jersey defaulted on its loans in finance docket Nos. 21555 and 22640 in March 1967, with unpaid principal balances of $12,375,000 and $4,620,000, respectively. On June 1, 1967, the United States paid the unpaid principal balance of these loans, plus interest of $373,312.50, with funds provided by supplemental appropriation (Public Law 90-21). As of June 30, 1970, $1,919,427 had been applied on the principal of these loans from revenue derived from the collateral security. The entire unpaid principal balance of these loans, with accrued interest, was paid by the receiver of the Georgia & Florida on June 29, 1963, from the funds received by him from sale of all of the properties and franchises of the railroad to certain subsidiaries of the Southern Railway. No further disbursements will be made. 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, with funds provided in supplemental appropriations bill 1962 (H.R. 9169). The loans in finance docket Nos. 20372 and 20397 were assumed by the trustees. The loan in finance docket No. 20372 was subsequently assumed by Penn Central. As of June 30, 1970, $1,057,868 has been applied on the principal of the loan in finance docket No. 20398 under an agreement approved by the court leaving a balance of $317,132. As of June 30, 1970, $627,900 had been applied against the principal of this loan as a result of settlement of certain claims. (See also footnote 4 on sheet 2 of app. D). $ Upon request of the railroad the commitment of the lender in respect of this undisbursed balance terminated as of Oct. 31, 1964. Accordingly, no further disbursements will be made. 1 Based principally on (a) the average of high and low market values for the current period of pledged securities, and (b) the depreciated value of equipment and other property as of June 30, 1970, where the title to equipment or other property is the collateral. 2 Recovery of the Jersey Central loans has been in the hands of the Department of Justice since default in March 1967. Our valuation of the collateral does not, therefore, reflect any settlements which may have been entered into in respect to the collateral. 3 See following 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 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 Guaranteed or insured credits: Gross amount outstanding.... Collateral or other realizable assets... Description of collateral: (See appendix hereto). 1 $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 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. Detail in Respect of Security for Pt. V Loan Guarantees to New Haven RR. and the Trustees 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. 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 Guaranteed or insured credits: Gross amount outstanding-- Collateral or other realizable assets__ Description of collateral: (See appendix hereto). 1 1 $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 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 flaven & 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. |