Word: receivershipped
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When General Lafayette romantically left France to help liberate the American colonies he brought with him a young man, Joseph Fouche, whose father was chief of police under Napoleon. The descendant of that young man is the Wilbur Burton Foshay who last week calmly agreed to the receivership of all his properties...
...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...
Despite these optimistic predictions, some of the debenture and stockholders who had not agreed to the proposed re-organization hinted that the main trouble lay not in the agricultural conditions but the management. Through a spokesman they said, "We propose to organize a committee to resist the receivership on the ground that such receivership would represent a retention of control and extension of influence by the same group responsible for this magnificent ruin. . . . The receiver proposed (John R. Simpson, president of Cuba Cane, Vice President and Director of Sinclair Consolidated Oil Corp.) is not qualified...
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...
...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...