The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-24
TO START IT ANEW
PRESIDENT WILLIUS, OF THE GER
MANIA BANK, WANTS TO START
AFRESH.
THREE-F0URTHS HAVE AGREED
RESUMPTION of ITS BUSI-
NESS.
THREE-FOURTHS HAVE AGREEI
PETITION IS SET FOR MAY Is
Judge Otis Makes an Order to tn
Creditors to Appear on That
Date.

Germania bank, applied to the district
court yesterday for an order requiring
the creditors and assignee of the bank
to show cause why a plan Of reor-
ganiZation of the bank, set forth in the
petition, should not be approved by
the court and adopted. The application
was made to Judge Otis in his cham
bers late in the afternoon. Judge Otis
signed the order to show cause which
is returnable Saturday, May Is, at
special term of the district court. The
court further ordered that a copy Of
the order be forthwith served upon
Peter M Kerst, the assignee Of the
Germania bank, and that a copy of it
be mailed to each of the creditors of
the bank at least fourteen days prior
to the hearing of the petition.
The plan of reorganization set forth
in the petition of Mr.. Willius was pre-
T'ared, it is alleged, by a majority in
number and amount of the unsecured
creditors of the bank Mr.. Willius in
presenting the petition did so on behalf
OF the committee on reorganization,
consisting of seven members. The plan
of reorganization as set forth in the
petition is in substance as follows:
FIrSt-The payment of all debts for
which a lien exists upon the property
Of the said bank under the laws of the
State Of Minnesota and the payment
of all demands in favor Of the secured
! creditors Of the said bank
Second-The payment of all other
debts of the said bank, including debts
! not due upon equal terms and in man
! ner as follows, to wit:
Certificates Of deposit shall be is
sued by said bank, when reorganiZed,
! payable to the order of the unsecured
! creditors Of the said bank, in amounts
! in each case equal to the Indebtedness
| of the said bank to such creditors, and
payable respectively in nine, fifteen,
| tWenty-one and twenty-four months
from the time of the reopening of the
said bank, with interest upon each of
| the said deferred payments at the rate
of three per cent per annum, payable
! semi-annually, and such certificates to
be in four equal amounts and to be
accepted by the said creditors in full
! settlement of ali their claims against
j the said bank
Thlrd-The leVying and collection of
an assessment of IS per cent upon all
| the stockholders of the said bank, pro
| rata, according to the number of shares
OF STOCK held by each stakeholder and
| the voluntary subscription of such ad-
ditional stock, as may be necessary to
enable the said bank to reorganize by
| and on the part of the creditors of the
| said bank; the payment Of the said
| assessment upon the said stockholders
| to be made by them voluntarily, or in
! pursuance and consequence of the levy
| ing of such assessment by the Superin-
! tendent Of banks of the said state of
| Minnesota, under the provisions of the
! laws of said state; the amount to be
| realized upon the said assessment and
| by the said voluntary subscription on
| the part of the said creditors shall be
| at least the sum of 5000, 900, and the
capital stock of the said bank shall be
! reduced to an amount equal to the
payments made upon such assessment
and the VolIr tary subscriptions of stock
on the part of the said creditors, and
such reduction shall be made either by
| voluntary surrender and cancellation
| or by sale as provided by law in the
| event of the failure to pay such assess
! ment
! The execution of said plan of reOr-
| ganization under the supervision Of
| the said superintendent of banks, the
discharge of the said assignee, the wind
| ing up of the said insolvency proceed
ings and the payment of the expenses
thereof and the returning to the said
! bank of the ownership, control and
possession of all the property and as
sets of the said bank remaining in the
! hands of the said assignee.
The petitioner further represents that
all the property and assets of the bank
now remaining in the possession of the
assignee are, and will be- of sufficient
value to pay in full all the obligations
and liabilities of the bank of whatever
nature, and that upon the payment to
the bank of the proposed assessment
upon the stockholders and the said
| voluntary subscriptions for stock on
! the part of the creditors the reOrgan-
lied bank will have a substantially I'M
impaired capital stock of not less than
$500, 900.
The petitioner further represents on
information and belief, that three
| fourths in number and amount of the
creditors of the bank, exclusive of the
secured creditors and the preferred
creditors specified by the laws of the
state, assent to the plan of reorganiza-
! tiCn outlined