New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-10
THE OPERA FIRMS AFFAIRS.
ARREy. scHoEFFEL G. GRAU AND THEIR
CREDITORS.
PLANS FOR THE REIMBURSEMENT OF THE bcs'-
NESS OF THE coNCERN-A CORPORATION
PROPOSED CREDITORS TO h'cH4NH
Full. PAYMENT IN PREFERRED STOCK
AND NOTES. AND MEssRs. ABBEY
sc1IOEF--EL GRAU TO BE

A.. .x,ens,ve circular has been prepared se'U"s
forth the condition OF the affairs OF inc III,
Abbey Schoeffel & Grau when feee""' ~ =,
Assignment and the plan for reorganization w
has been arranged. The plan OF COURSE -.
tho consent Of the creditors Of the hrin' anu .ne
Io,,lor was sent TO each OF them yesterday WIN
q reouast for an early answer In regard to me pan
and agreement proposed -
The plan IS briefly. that corporation f''l'' ."
formed TO carry the operate business Vi 1Ne'
Schoenel & Grau, with capital OF sC"v"' Vi VIZ
5000 90 shall be preferred stock and &V'V'' com,
or s,ock The unsecured creditors are 10 accept
An nor cent OF the amount OF their claims III pre-
..,red stock OF the corporation and the rehdihuei
in notes of Messrs. Abbey. schoeffel ana ur"u INC
members OF the old firm are 10 be engaged as man
ayers Of the operate ventures or the copoId'''' "
an aggregate salary for the first year OF N'W'' 20
no d,y,ded among themselves they see tit, ana
they are 70 turn over all their present assets -
the corporation in exchange for common STOCK
T,he circular covered a large number OF pages ana
a considerable part OF II ID devoted TO de'dNe" "'9
cusson OF the affairs OF the firm and the proposal
for reorganization and Is OF SUCH nature as 10 DC
Interesting only 10 the creditors 10 Whoh IL -
sa,, The committee IN charge OF the readjustneh,
OF the affairs OF the firm consists OF william stem
way chairman Robert Dunlap ana Ihom"S =
Fowler The part OF the circular which sums up
the present condition OF the FIRM ana inc p'"''
for It's future Is as follows:
hp
amounts secured by mortgage or pase q tn o ~
bonds) aggregat In the neighbornood or sf4oVV' va
this $1,000 is secured leaving about S'Z'O'O 0''s
The assets consist. in the first place OF me Ire
mont Theatre in Boston which Us construct P"i
~ on freehold and partly on leasehoid pioperyc rs
Value in view OF the complexy OF tne avnuls 10 -
dnictilt TO estimate but for the present puIp'e a.
NAV be put down at the sum OF s.yOgV' "h'G n -
believed by the firm 70 be molerate nsuirc ,ar
nronerty Is subject a mortgage 10 secure per
cent bonds aggreeang $4,000. which would mar tHi
equity Of ed IN bo ns hat this
can only be obtained by carsu ,I aid a. n
favorable time
WHAT THE FIRM STILL OWNS
rh. ,ese.s IN the next place consist OF the per
sonai property used by the firm in connection win
their various theatres s9cn as sarIy contained
In he Metropolitan Opera House, party IN ADD.S .
trscts contained in the Metropolitan Opera House
are subject 10 chatte mortgage TO secure lhe sum
Of $1,000 due 10 the Tbe original cost Of ali this
property was OF course, consideTaDie su'i IN, an
these effects are now of great Importance II ihey
can he used in connection with the theatres In whcn
they are but OF very little vaiue II so'u 10 o''e'
pba d lJ sangbe assets Of the firm. such az
office furniture cash in bank. bills receivable etc.,
The main asset of the firm. and wha; has enabled
II In the past carry on its Affairs ana espc t
to manage grand opera at large prohi. mas pee,
the good viii of the business and the reputation
character experience and skin OF the ptitul -
polltan Opera House. with the accompanying con-
tract, would be OF value II continued That lease
and contract, being Of personal cnaractei' O"l
be assigned by the firm or is asslshees 10 an!
person without the consent OF the Board OF bic'-
tors of the Metropolitan Opera House.
PLAN OF REIMBURSEMENT
1t is proposed to form new corporation unuer
the laws OF the State OF Ncw-York. with cap va
Of 100000 of which 100000 will be preferred stock
and 100000 common stock.
PREFERRED STOCK.
OF the preferred stock 1t is proposed that 5000
l,a cd for he NJ
cash Any portion Of the preferred stock so re-
served which is not sold or subscribed for Will not
be issued. One hundred and thirty thousand dol
lars OF preferred stock will be issued as far as
necessary for the purpose Of paying unsecured
creditors 20 per cent of their respective claims,
which will be assigned to the corporation The
balance OF the preferred stock will be reserved for
contingencies, expenses etc.
The certificate OF Incorporation will provide that
the CORPORATION may at any time redeem the pre-
ferred stock at pa. and this provision will be In