The Portland daily press., 1883-12-24
SHAW BROS FAILURE.
The Terms af Settlement Offered by tEn
Firm,

The Terms af Settlement Offered by tluc
Firm
Boston, Mass, Dec. 22.-The Advisory
Committee of the Shaw Bros. creditors have
recommended the acceptance OF the following
terms Of settlement, offered by Brackley Shaw
for the firm OF f. Shaw & Bros:
Brackley Shaw of Montreal one Of the firm
OF f. Shaw & Brothers of Boston, and of the
firm of f. Shaw & Brothers of Vanceboro', Of
fers to purchase the assets OF both said firms
and to arrange with the creditors of each firm
for settlement and discharge of their claims
or assignments thereof, upon the following ba.
SIS the creditors to be divided into three classes
designated by their election respectively, to ac-
cept either OF the following propositions made
by him, viz:
First He proposes to pay thirty-three and
one-third (35D cents On dollarin cash 10 those
who choose TO accept the same, to be paid
within sixty days from Jan. 1, 1884.
Second-To those who do not accept the
above cash OFFER he proposes TO pay twenty
five (25) per cent in cash in sixty days from
Jan, l, 1884, and fifteen (15) per cent in his
negotiable promissory notes, dated Jan. /,
1884, payable one-half in one year aud one
half in two years from said first day of Janua.
ry, with interest semi-annually at the rate of
SIX per cent rer annum; the said notes to be
secured by some proper conveyance or declara-
ton OF trust with release of dover covering all
the lands, tanneries and all other fixed prop
erty of each of said firms of f. Shaw & Bros.
and the machinery and apparatus now in or
about the tanneIles used for carrying on the or
GRAFTON Of the same, with power to sell said
property and apply the net proceeds thereof in
payments Of said notes in case of de-
fault of payment; he reserring the right to use
and occupy the said tanneries, until defaultsas
aforesaid, without strip or waste, but with the
right to cut bark, timber and wood therefrom
necessary fer use at the said tanneries and IN
the operation Of the same during the period Of
his said occupancy; he keeping the buildings
insured against fire, to a. reasonable amount
for the benefit Of the trust
Third-To the creditors who do not elect to
accept either f5he two above propositions, 3he
proposes that they remain in and share in the
marshaling and distribution of the property
the same as ii no arrangement had been made
with the other creditors; upon condition, how
ever that he shall have proper time to liqui-
date the estate and TO use up the bark or a
greater portion of it now on hand, in tanning
leather: he deeming it advisable, in order to
realize the largest sum out of the property,
that the bark should be used for the tanneries
before the tanneries are sold, unless a proper
otter IS received for the tanneries, with the
bark adjacent and intended for use at such
tanneries.
Each of said firms to be discharged from its
present Indebtedness to the creditors who ac-
cept the first and second propositions respect-
lively when the above cash percentages are
form as above set forth to those who accept
the second of the above propositions.
Provided, however, that If any creditors
elect TO come in and share in the marshaling
and distribution of the property under the third
proposition above set forth, then the creditors
who elect to come in under the first and second
propositions respectively shall assign to some
person to be nominated by said Brackley Shaw
all their claims against either of the firms of
4. Shaw y Brothers. reserying, however, their
claims unimpaired against all the other parties
to promIssory notes and other mercantile paper
held by such creditors, and upon such assign
cd claims neither of said firms shall be dis
charged, but all said claims shall be kept alive
and dividends made upon them pro rata with
the creditors who come in unGer the third
proposition and whose claims shall also be
kept alive for that purpose, but all said assign
ed claims, both those assigned and those held
by creditors accepting the third proposition,
shall be dischared upon the final distribution
OF the assets. Said claims so assigned to be
kept distinct as separate claims, and the party
holding tkem in trust to have against each of
the firms of It. Shaw & Bros, but against no
other parties to promissory notes or other mer-
camille paper, all the rights both as to number
and value which the creditors who assigned
them would have If no arrangement or assign
ment had been made.
It is distinctly understood that the holders of
notes or other mercantile paper having other
parties than f, Shaw & Bros upon them,
1cESptOFs.
lndorsers, shall retain their claims unlmpaired
against such other parties to the full amount
thereof, and shall be entitled 10 prove the
same and receive dividends upon the whole
amount thereof against f. Shaw 4 Bros and
also against all other parties thereon, and said
creditors shall retain unimpaired all their
claims and rights Of action against such other
parties upon said paper to the full amount
thereof.
1T is further understood that the creditors
who hold the names of both firms of T.. Shaw
q Bros., that is, Of the Boston firm and the
Vanceboro firm, upon promissory notes, drafts,
or ether mercantile paper, shall receive forty
ner aforesaid, on the name of each firm, or
shall share in the same proportion under the
other propositions above set forth.
All the above offers are upon condition that
substantially all the creditors accept the same
within sixty (60 days from January 1, 1884.
Ii the said Brackley Shaw desires to sell any
of the real estate, or other fixed property CON
yeyed in trust as aforesaid, to secure the
above-named fifteen Q5) per cent, he may do
SO at any time before default, at fair price,
to be approved by the trustee or trustees; the
net proceeds of the sales to be turned over to
the trustee or trustees in place of the property
sod, and to be distributed by said trustee or
trustees toward the payment of the aforesaid
notes which said property is to secure, pro
rata.
When the said fifteen (15) per cent. above
set forth is paid as aforesaid, with interest
thereon, the property not disposed of as afore-
said shall be conveyed to said Brackley Shaw,
his heirs and assigns, or to persons to be des-
ignsted by him
The celebrated Knibbs patent valve suits
which has been on trial several days in Boston,
was decided Saturday IN favor Of Boston, This
suit was brought to recover damages for uss of