The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-03
IT Is RECEIVER LOWELL.
The Chatham Furniture Company In
terests Come Together and Reach an
Agreement.

The Chatham Furniture Company In
terests Come Together and Reach an
Agreement.
The antagonistic interests, which a
day or two ago were on the verge Of
big struggle in the courts over the
property and assets of the Chatham Furni-
ture Company have quieted down and an
agreement has been reached among them
by which, what promised to be one of the
hardest court battles Of the year has
probably been avoided.
The agreement was reached yesterday,
and within few hours was signed by
all parties, filed in court and approved
by Judge Falligant, The agreement is
between the attorneys as representing
the different interests, Messrs. O'Connor
& O'Byrne, w. c. Hartridge, Griffin
& Brown and Charlton, Mackau & An
derson on one side and MeSsrs. Garrard,
Meldrim 81 Newman representing the
company on the other.
1t will be remembered that a general
creditors bill, in which the appointment
of a receiver for the assets was asked,
was filed by the attorneys above men
toned in behalf of the creditors of the
company. They also asked that the as
Segment be set aside on various grounds
which would have made an interesting
hearing If they had been aired to any ex-
| tent in court
According to the agreement reached,
the mortgage held by Messrs. Garrard,
| Meldrim and Newman of $1,000, is to be
held good and valid. The mortgage held
by Messrs. T.. F., and r. 2. Lowell to the
| amount of 81, 1896 So. is to be recognized as
good and valid to the extent of S, 900 and
at the rate of 8 per cent. interest from
Aug. %, 1898. The preference in favor of
Messrs. e. F.. and II. p. Lowell for rent
due on the building occupied, amounting
to 81, 1853 90, is to be recognized as valid,
and is to be paid as part of the ex-
penses of the winding up Of the COM
pany's assets.
The payment to MIR. w. E. Wimpy,
president Of the company, Of his claim of
81, 395. SO is to be postponed until after the
payment of the general creditors who
were parties to the creditors bill, and
others who may intervene in the proceed
ings.
To eliminate the agreement Mr.. e. F.
Lowell is to be not an assignee, but re-
ceiver appointed by the court. He is to
collect all the assets, dispose Of the goods
and property, and perform all the duties
of a receiver with as great speed as pos
sible. He is to make a semi-monthly re-
port to the court, and Is to purchase from
time to time such goods as are needed in
order TO sell OFF the other stock, provided
no one purchase shall exceed 81 900 in
amount.
The proceeds from the collection of the
assets are To be applied first, to the pay
ment of the mortgages above mentioned
The attorneys represent ting the creditors
are then to be paid 81 900 for bringing the
fund into court, and then the amounts
due the creditors are to be paid in full ii
there are sufficient funds, and if not they
are to be paid pro rata. The balance, il
| there should be any after the payment OF
the creditors, is to go to the receiver and
his attorneys as fees.
The bond required of the receiver un
der the agreement, is 500, 900, and as soon
as this bond is made and approved by the
clerk of the superior court, Mr.. Lovells
bond as assignee, which was fixed al
$32 1000, and which is now in the hands OF
the ordinary, is to be cancelled. Judge
F'alligant signed the order approving the
agreement which had been reached, and
| appointing Mr.. E. f. Lowell receiver. Il
is thought that this agreement will bt
the means of avoiding a long struggle il
the courts.