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
TO THE PLANS PROPOSED FOR THE
RESUMPTION OF ITS BUSI-
NESS.
PETITION is SET FOR MAY Is.
Judge Otis Makes an Order to the
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 a
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-
pared, 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
!
Flrst-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 tWentyfour 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 all their claims against
the said bank.
Third-The levyiDg and collection of
! an assessment of rs 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 adj
dIuOnal 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 600 and the
capital stock of the said bank shall be
reduced to an amount equal to the
payments made upon such assessment
and the VLlIrtary subscr. ptiOns 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
/ Irr ,,rr e
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.