Word: receivership
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Dates: during 1920-1929
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...holders will receive new debentures plus a bonus of common stock in the new company. Last week, after 84% of the debenture-holders and 80% of the stockholders approved the plan, Cuba Cane asked for a receiver as first step toward reorganization. A prime motive for proceeding through a receivership was suspected to be so that the remaining 16% of the debenture holders will be "frozen out," thereby prevented from disrupting plans by demanding payment Jan. 1. Although conditions have often seemed hopeless in the sugar industry, many a grower believes that the lowest point has been reached and that...
Willys-Overland Co. represented a 1908 reorganization of the old Overland Co., a panic-victim of 1907. Mr. Willys, who was then Overland's sales-agent in Elmira, snatched the company out of a receivership, putting up $350 to help meet a payroll. He reorganized the company with himself as president, treasurer, general manager, sales manager, purchasing agent. Like Glenn Hammond Curtiss, Mr. Willys was once a cycle-maker. His bicycle plant was at Canandaigua, N. Y., not far from Hammondsport, N. Y., the birthplace of Mr. Curtiss who later built up JOHN NORTH WILLYS Chicago bought him out. Curtiss...
...wishes to buy a railroad will soon have a chance to pick one up at a forced sale. Last week the Chicago & Alton R. R., in receivership since 1922, was ordered sold by Federal Judge George A. Carpenter of the Chicago District Court. Date of the sale will not be announced until priority between conflicting creditors has been settled. The Chicago & Alton is valued at approximately 100 million dollars. Prospective purchasers are said to be Kuhn, Loeb & Co. and Samuel Insull...
...which it has steadily paid interest. In 1900 came a $22,000,000 mortgage, held by Farmers Loan & Trust Co., Manhattan, and in 1912 an $18,000,000 mortgage held by United States Mortgage & Trust Co., Manhattan. No interest was paid on the $22,000,000 mortgage after the receivership of 1922 and no interest was paid by the $18,000,000 mortgage at any time. The Federal Court decided that the Farmers Loan & Trust claim had priority over the U. S. Mortgage & Trust claim. It is this dispute which remains to be settled before a sale-date is named...
...leased to the Doheny interests by onetime (1921- 23) Secretary of the Interior Albert B. Fall. Last week's final payments swelled the sum which the U. S. recovered from the Doheny companies, together with its oil lands, to a total of $24,237,341.05. The report of the receivership which has been managing Elk Hills since 1924 showed that operating costs had totaled only one-sixteenth of the income from the property, despite Oilman Doheny's insistence that he undertook the Elks Hills leases with "patriotic" motives...