Word: receiverships
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...appeared that Mr. Fox was not altogether willing to admit that the bond house and the utility company were in the cinema business. Some of Mr. Fox's stockholders seemed more gravely concerned than ever about their equities in the Fox companies. These stockholders, indeed, threatened a receivership and thereby produced not only a decline in Fox securities but a general bear raid on the entire Market...
...Film Class A threatened to institute a receivership suit, preferring a public settlement to whatever arrangements Mr. Fox and his bankers might or might not reach. But when Mr. Fox announced that Fox Film assets were $73,000,000 in excess of liabilities, the stockholders, reassured, decided that no immediate receivership was necessary. As another sedative for stockholders, the company also last week announced that it will soon launch a $20,000,000 production schedule, the biggest it has ever undertaken...
...Irving Trust Co. has announced that the company will continue to operate so that the Metropolitan will still be Knabe equipped, the Chickering will go to many a home and artists will continue to use Mason & Hamlin. And stockholders were somewhat cheered by the assurance in the receivership petition that although the company at present was "unable to meet its matured debts by reason of lack of working capital and is unable to establish adequate means to borrow money." American Piano is "still solvent...
...while the common, now Durantless, went to 4. Although both stocks had already suffered during the break, last week's decline had its own reason-"friendly" receivers were appointed as the result of a petition by Bethlehem Steel Corp., said to be a $400,000 creditor. In this receivership there was not evident the aftermath of the market's break, as had been true in the Fox trusteeship (TIME, Dec. 16), nor of poor trade conditions as in the American Piano receivership (see p. 30). There was little reason to believe that Combustion's total assets, which...
...third and final special article, written by Mr. Rogge, discusses "The Differences in the Priority of the United States in Bankruptcy and Equity Receiverships." This points out the curious fact that it is of substantial value to the United States that assets of an insolvent debtor should be distributed in an equity receivership rather than in bankruptcy. To other creditors, on the other hand, it is advantageous that it should be done in bankruptcy. The article suggests a brief statute by which the differences could be eradicated...