The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-02-23
PROPOSITION MADE BTsy, T. G. co. AND RECON-
MESDEp BIZ MEssR5. TIiArER, CLYDE,
IsMAN AsD SCOTT.
NEMoRAsrGa.)

i 5rt5g5 {YEMoRASBCH.l ~ s7ftzi -
4 .Onthe 2lst day of January, 1873, Mcssrs.
n. .1'hay John H. lnmap and VIM. r.
Clyde met in response to request from
/ Mr. a. Fl. Bronson, to consider basis OF
settlement of all matters in dispute In the
! Y II. C. I. Co., and it's subordinate
/ Companies, the S. A. & O. II. +. and the
Bristol Land Co.
| Mr.. Bronson stated that he had reason
| to be satisfied that Messrs. Bailey, Nc
| George and their associates would agree
Ito settle all questions at issue III the
pending suits upon certain conditions,
which, as modified. we're. acceptable to
Messrs. Inman, Clyde and Thayer, the
modified proposition being as follows
Messrs.. McGeorgc, Bailey and their
associates claim TO besowners q sou .tU0
of the stock of the y. I. G. Co., being
Elittie less than onc-ffth of the entire
capital. They propose:
First. IF tie Board Of Directors is re-
organized so as to give them proper repre-
sentation, to end all litigation by consent,
decree or DEGREES which shall he of record,
finally adjudicating all questions involved
in all of the suits.
Second. To submit ali unsettled money
demands which they or their associates
have to u Board Of three nrbitrators, one
to be chosen by them, one by the COM
pany, and these-two to select u third, the
findings of these arbitrators to he final
and binding upon ali parties; and if these
arbltrators shallaward any amount to any
claimant, such claimant to accept in set
Element obligations Of the Company,
secured by such collateral as it owns, the
amount and kind Of collateral, IT the par
ties fail to agree uponit, to be settled by
the same arbitrators.
Messrs Olyde, lnman and Thayer agree
for themselves, and advise all others
to agree, that ihereupon the Board OF
Directors shall within thirty days, be
organized, the number reduced to nine, OF
which number Messrs. McGe0rge, Bailey
and their associates shall, if they repre-
sent S5O0,0 OF the stock, name three.
the rest OF The Board to be selected by the
remaining stockholders-all TO he done at
meeting of stockholders to be called for
that purpose within ten days of the time
that This agreements entered into.
The Board so selected shallat once take
up the affairs ofsthc Company with view
to- providing means 10 settie pressing
claims against if, and to develop such
parts of its property aspromise reasonably
sure and prompt returns, and, as /; part OF
this agreement, Messrs. McGcorge, Bailey
and their associates shall give satisfactory
assurance that they will promptly furnish
their own pro rata share of the amount
needed to pay off pressing obligations and
secure coke shipments over the S. A. & o.
railroad, either by completing the pur-
chase of the Kelly Coal Mine and building
ovens, or by extending the railroad to
Calahan's Creek to the lands OF the Viz
gina Coal & Iron Co.
From the reports of the Treasures and
other information, It appears that the
amount necessary for these purposes will
be about $l75,00g.)
Upon their agreeing to do this, Messrs.
Thayer, Imam and Clyde agree for them
selves. and, rs far as they can influence
others-for those others-to furnish their
pro rata Of the aforesaid amount, and they
further agree, if all questions are settled
under the foregoing agreement, that they
will extend the time for all past advances
made by them fnr--years.