Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-01-31

Fuu Text Of the Ofer Of Purchase from
the Syndicate.


Aemenf- Inc syndicate have made their
offer, and Trustee Chafee has caused the
same to be filed in the ONCE of the clerk OF
the supreme court The offer has not actual
iy been accepted. The creditors committee
looked upon the offer as good one, and rec
commended that it be accepted by the trustee.
and, IN accordance with their recommends
ton, be has taken it to the supreme court for
instructions in the premises. The papers
we're filed o. Thursday. Appended is the
full text of the offer of Mr.. Hopkins and his
associates:
PRovIDEScE, January 23d, lss2
10 Zeehariah Chafee. trustee and assignee,
ana the creditors holding the trust notes
secured By the deed creating the trust:
GESrLENEx The undersigned, William
H. Hopkins for himself and other creditors
holding mortgage notes to the amount of
tsf, 6s2, 400 four million six hundred and
eightv-two thousand four hundred collars.
and their associates, will pay, in the manner
and at the times hereafter specified, (s2 ,600,-
900 twenty-six hundred thousand dollars or
sum equal to thirty cents on a dollar on the
race value Of said trust notes, except the
notes held by the Franklin Savings Bank. on
which they will pay a sum equal to thirty
cents on the dollar of the face value of said
notes, with certain installments of accrued
interest. which have not been paid upon said
notes, and which have been paid on like notes
10 other creditors, and the taxable costs of
the suits in Connecticut brought bv the re-
celver of said bank, whenever said suits shall
be assigned TO the undersigned, or otherwise
satisfactorily disposed of, or, by proper deed
ha u.
shall be transferred by him to said under
signed.
1t being understood that the creditors hold
ing mortgage notes TO the amount of 81 .682-
400, and making this offer are to be interested
IN the property in the proportion that the
mortgage notes held by each of them on the
10th of January, 1882, bear to the whole
amount of the notes secured by the trust
deed, and the associates furnishing the
money for the other creditors are to be in
terested IN the property to the extent and in
the proportion that the balance of the mort
gage notes bear to the whole amount of notes
secured by said trus. deed.
The said William IT, Hopkins, or anv or
eanization or corporation he NAV designate.
formed for that purpose, is to receive from
said Chafee, in consideration of said pay
ments. all his right and title to all the prop
ertv as it stood in the hands of said Chafee
on the first day of July last, (the necessary
and legitimate expenses of the trustee in and
about said property since said first dav Of
July, and the expenses of upholding to be de-
Quoted therefrom.) belonging to, or in any
way coming to him by virtue of the said
trust deed, and the several deeds of as
signment made in April. 1874, to him of said
property, and by virtue of a deed of trust to
certain trustees from the National Bank of
Commerce in New York. which he caused to
be purchased from said bank free from all in
cumbrances made or suffered by him. ex-
cept the lease of the Baltic mill. which shall
not be deemed an incumbrance. This title
to be conveyed by deeds of assurances suffi-
cient in form and fact to convey all such title
in the opinion of counsel learned in the law,
to be mutually agreed upon by the said Will
liam II. Hopkins and said Zechariah Chafee.
said deeds when prepared and so accepted
shall be deposited with the Rhode Island
Hospital Trust Company. to be held in escrow
only for the security of the sums herein,
before offered to be paid, and then to be de-
livered to the undersigned. or to their order,
in writing. or at any time upon the joint or
der of said Hopkins. and said Chafee, trus-
tee.
Said payment to he made As follows;
First Twenty five per cent of the whole
amount to be paid when said deed is placed
in possession of said trust company.
Second The remainder to be paid in four
equal instalments every three months from
the date when said property shall be turned
over by said Chafee. All deferred payments
to be on interest at six per cent. In case of
default of payment of any of the deferred
payments for five days, the trustee shall have
the right to enter into possession Of the prem
l..
ed, that the undersigned, or said organization
or corporation. may pay the whole, or any
part of said amount greater than either of
said installments. at any time. and. when the
whole amount is paid, receive said deed from
said trust company, said Chafee to give pos
session to the undersigned. or said organiza-
ton or corporation, all the property when
said payment of twenty-five per cent is
made.
Third. If the undersigned. or said organ
ization or corporation shall desire to sell
anv portion of said estate for amount
which is equsl to, or greater than the
value of the property to be sold as an ali
quot part of said estate. as compared with the
value of the whole estate. at the sum for
which the same is purchased according to the
terms of this offer, then said Chafee, trustee,
is to Join with the undersigned, or said or
ganLdtlou Ut III ucSh haue
free of expense, sufficient to convey the
parts so sold. upon receiving the purchase
money for which said part of said property
to be conveyed is sold, which sum so received
is to be credited to the undersigned as part
of the payment hereinbefore set forth.
1t is understood that stock of the Quidnick
company. and anv other stocks held by said
Chafee as collateral security for the payment
of trust notes, shall be sold by said Chafee,
and the proceeds of such sales shall be
received BY him as part of said purchase
money of 81. 600,0 900.
1t is understood and agreed that for the
piece of property known as the wharf
property sold by said Chafee, the proceeds
Of the sale of said property are to be taken
instead of said property.
II is further understood that some small
parcels of land at Augusta, Maine. with the
buildings thereon, have been sold for Sl3,-
600. or thereabouts, tine proceeds Of said sale
are to be received instead of the title to the
land.
The undersigned reserve the right to with
draw this offer, if not accepted within twenty
days. Respectfully,
(Signed) WN' h. HOPKINS,
The names of the associates Of Mr.. Hopkins
in making the foregoing offer are appended
to il. Among them we notice the Biddeford
National Bank, waldoboro National Bank.