The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-11
orrrLE hackers AFFAIRS.
plan of the Trust Organized for
That Purpose

Dian of the Trust Organized for
1ne That Purpose
rbo Savannah creditors Of Abraham
-. whose claims foot up several hundred
! n1U dollars. are deeply interested in
'nO- Ian for liouidating his affairs by means
'ne ~ trust organized in New York last
u +ha announcement of which was
"eon' in the MORNING NEWS day before
yes ,'tsorn,an Herman Myers, the Savannah
1nbar of the board of trustees, is now in
Moan Work. and an effort is being made to
ING about q speedy settlement OF the note
VI business. The other trustees are
D roHo, F. Einstein, Backer's assignee,
I'D Henry Rice.
sii IT, 4 assignee is in possession of a large
unit of the bonds of southern railroads
slI I other securities which have a limited
Enu and can only be disposed of advan-
n va as favorable opportunity is
less"rad Although these securities cannot
" en,rodtablY sold at the present time, the
~, If the assignee would. it is said, CON-
uu'{I him 70 make prompt and forced sale at
Pshiic auction, and take the best obtainab lie
price :. ;sna,,od ,,,.
toilowed. if not preceded, by general un-
".ajitors Of the large amount of securities
~ bv them, and would lead generally to
n..cr;ice of assets, in many instances Gre
a,'ng defciencies in the debts due the ban ks
n. a other secured creditors; whereas. a
oaraful nursing of the assets under the pro-
.1o.sd trust agreement, the creditors COM
!p'';,taa thinks, would produce surplus. They
ara confident that by the trust arrange
1nant the estate can be materially H.
The trust agreement provides that the
creditors accept whatever dividend they
nav be entitled to under the trust in full
satisfaction of their claims against Mr..
Packer provided such dividend be not less
than so per cent. and provided, also, that
srch of the creditors as hold security for
their claims shall receive dividend on the
balance only Of their claims after exhaust
inc and applying the securities toward the
nayment thereof, and if any surplus
remains, it shall be paid over to the trus-
tees.
The trustees can either sell the assets now
or hold them, in their discretion, until
more favorable time can redeem any securi-
ties or other property pledged as collateral
for loans In which Backer had a reversion-
srv interest or right Of redemption at the
time of the assignment; make payments on
HccOuDb Ol bu6 QoDOS lOI WntCu SUCH b0CuTl-
ties are pledged TO prevent or postpone the
forced sale of such securities: may borrow
money upon the security of the assigned
state and can convert into cash the securi.
/ ties they redeem can settle claims against
or in fsver of Backer, and may employ
bankers, brokers, attorneys and agents gems
/ orally to transact any business connected
With the trust.
fany creditor refuses to join in the
sgreement and makes a claim against
Bscker which the trustees dispute, the trus-
tees may refer the claim to an advisory
board composed of Oscar s. Straus, Will
IAN L. Strong and V. Henry Rothschild to
decide whether to pay the claim in full or in
part After all the expenses of the assign
ment aud trust are met and all creditors
paid in full, any surplus goes to Backer.
The signing of the agreement is without
prejudice to the claims of creditors to any
notes or collaterals belonging to them which
have been disposed of by Backer, or to any
claims Of creditors against any person or
fund other than the assignee and the estate
IN bis hands.
The trust agreement is not valid unless
cedtors whose claims aggregate 81 per
cent Of the unsecured claims sign it.