The Providence news. (Providence [R.I.]) 1891-1906, 1899-03-21
Formation Of Corporation by
Creditors Planned.
Lawyer Perce Presents Scheme by
Which All the Claims Can Be
Paid in Full in Time.

A long time has elapsed since Will
lam w. Rickard was obliged by finan-
cial stress to suspend business, and the
startling reports which became current
Immediately after the announcement
was made that he had disappeared. will
not be speedily forgotten. Happily
many of the rumors were not well
founded, and still more fortunate was
IL that his liabilities were not so large
as had been feared and obligations sup
posed not to have been Cancelled. and
funds and valuable papers entrusted to
him. said TO have been disposed of.
were found either 10 have been wiped
out. or to have been misplaced. Mr..
Richards carless. unsystematic and un-
businesslike methods had been largely
responsible for his embarrassment.
Moreover he had over-invested in real
ty and while he held property which,
with careful nursing. would permit "A
full dividend to all creditors and claim
ants, he was unable to turn any of it to
advantage.
Samuel NJ. Kilvert was made the Gus
todian of the Rickard property, and at
ter many weeks of perseverance, re-
stored order out OF chaos, and was pre-
pared 10 make settlement with the
creditors. To do this he would be
obliged TO make forced sales and of
necessity, many sacrifices; but this was
deemed inexpedient and the property
was held intact
Mr.. Kilvert says that there can be
In N hnf 10 CtPf-
butte the estate among the creditors.
There are no collateral funds of Sc
curities to draw upon and the estate
cannot be expanded.
He has advised, and Mr.. Perce, who
was Mr.. Richards attorney, is endeav-
oring TO form a corporation, the stock
holders OF which shall be the creditors
of the estate who shall hold fast TO
the estate until the term arrives when
IL can be disposed of to advantage.
Real estate, he said. is now looking
up. He cited an offer which he had
made for a track of land, containing
45,0 900 square feet, and situated on the
Blackstone Boulevard. This had pre-
viousy been held at 10 cents per foot
and he made an offer of 20 cents, which
the owner had refused to consider.
Some of the Rickard property is upon
and adjacent To the Boulevard, and IL
1t is retained ii will eventually sell at
good profit.
1t was asked if the Rickard estate,
If closed out now. would pay % cents
on the dollar, and Mr.. Kilvert replied
that IL would and much more than
that. He added that he would consider
IL a good investment for any man who
could spare the capital, to purchase the
claims of the Rickard creditors at -
cents on the dollar. for in few years
the investment would surely pay hand
somely.
He expected that Mr.. Perce would
have the articles of incorporation ready
i'm few days and that there would be
little If any difficulty i'm inducing the
creditors to come i'm under the pro-
posed plan.
In a circular addressed to the credit
ors. Mr.. Perce makes the following
statement, and gives his plan under
which the corporation suggested by Mr..
kilvert can be formed. The attach
. ments referred TO, and upon which
judgments have been secured with an
order OF sale TO be advertised this week,
aggregate $4,000. II is proposed TO issue
mortgage notes to these creditors,
whom IL is hoped can be induced 10 sur
render their Judgments in lieu thereof:
The claims against w. w. Rickard
amount TO Sl1S.22S.99, and those against
the w. w. Ritkard company 10 $50
2099i. making "a total Indebtedness OF
$13s. 1888. without interest.
The present assets consist OF land be-
longing TO Mr.. Rickard. mostly near
the Blackstone Boulevard, assessed at
5000. and other outlaying lots i'm Prov.
idence OF the value OF about $500. The
assets Of the w. w. RiCkard company
consist of land near the Blackstone
Boulevard, on Waldo street. aud small
lots i'm different parts of Providence. al
together assessed as Of the value Of
ST. 260. "A tract OF land ON the Boulevard
assessed at about $5i60 (but mortgaged
for 100000. and the lots on the Cam
bridge Park plat. Norwood. Warwick.
the assessed vaue OF which is not given
and has been sold FOR taxes.
Mr.. Perces plan is this: That the
Wickes attachment be discharged on
the records: that the bankruptcy pro-
ceedings be discontinued without adj
judication of bankruptcy; that w. w.
Rickard shall convey all his estate 90
the W. w. Rickard company: that W.
w. Richard his wife and sister shall
assign and transfer 20 the creditors Of
w W l,ickard and of the w w. Rick
ard company. nj their stock i'm said
company. in proportion 90 the claims OF
the creditors: that the creditors shall
execute releases for their claims and
take said stock In payment thereof;
that the present officers OF the corpora
tion shall resign and Mr.. Klvert be
creditors whose attachments have ma
tured. shall discharge said attachments
and take instead thereof mortgages.