The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1901-05-25
FEE OF RECEIVER $4,000 AND
THAT OF ATTORNEY
5000.
Aggregate Of Price is s44.ooo-Expers
Valuation sso.ooo-No Better
Proposition Was AvaIIabIe-saIe
at Auction Not Advisable.

terdsy's date filed a supplemental re-
port After relating some minor
financial transactions in the matter,
he proceeds to set forth more fully
than in the main report his doings
since filing the inventory.
He caused an examination to be
made Of the responsibility OF the de-
linquent stockholders. Assessment
calls were found TO have yielded only
thirty dollars. Upon consultation
with his attorney, F. W. Hankey, be
decided that suits brought against
delinquent stockholders would but
incur large expense for doubtful re-
suits.
The receiver went to a great deal
of trouble in trying to dispose Of the
cane. Neither Pioneer nor Olowalu
companies wanted it. They were
busy grinding their own cane and they
considered the Maunalel growth in
ferior because it had not been irri-
gated or cultivated for six months.
If they should take the cane after
grinding their own, they would not
pay more than So ton for it deliver
ed at the mill. No arrangement could
be made, either, for cutting and trans
porting the cane to some mill on
shares. The Japan immigration Co.
would not look at it even for cash,
as it was impossible to get enough
laborers for the task on a temporary
lay The Wilder Steamship Co. would
not transport the cane at any tonnage
rate, but would only hire one or more
schooners by the day TO petitioner.
In November the Maunalei Co. char
tered boats from the Wilder Co. at
S100 day to carry cane to Pioneer
mill and lost money by the transac-
ton. From these facts it was decided
that no money could be realized from
the sale.of cane for the benefit of the
creditors.
Another weighty question was that
Of selling by auction the steam launch,
mules and other movable property Of
the company 1t was concluded that
50 per cent Of the property Of these
kinds would have no bidders at Maui
nalei, while if removed to Honolulu
for sale the expense would be so
great that probably less than ten per
cent of the value would be realized.
So that was given up.
Next the receiver tried to sell the
plantation as a who'e. Many Of the
large capitalists of Hoa Jlulu were III
teryiewed. They were shy OF Mauna-
lei, whose lands were all leased and
rent of $4,000 thereon was overdue.
1t was impossible IL get any offer
prior to that of $4,000 with assump
ton of certain obligations as preyt-
ously reported, by W. H. Pam Mr..
Stewart called a meeting of creditors
and laid the facts before IL He APP
pointed a committee 10 report to q
later meeting a plan OF settlement.
Abram Lewis, Jr., chairman Of that
committee, did lot Of hard work
The plan already reported was sub
mitted to the creditors and accepted
by them.
Mr.. Hankey was chosen as counsel
by the receiver because he was re-
garded as a good corporation lawyer.
When arranging the settlement it was
agreed that Mr.. Hankey should be
paid fee OF $1,000: the receiver. one
of $1,000, the general agent acting as
book keeper, $3.50; the agent at Maui
nalei, $500, all of which, with other
small expenses, amounts to s3667.05
which should be taken out OF Mt.
Pains cash payment OF $4,000, AMI
the balances in bank and at the plan
tation store to be paid TO the treas
urer of the Maunalei Sugar Co., and
that upon such payment this action
Gear, Lansing & Co. VS.. Maunai9t
Sugar Co.-would stand dismissed and
the receiver be discharged
Since fling his main report he had
not heard Of any better proposition
He is informed that Edgar Halstead.
an experienced planter, visited the
plantation this month and estimated
its value. entire, at 5000. Mr.. Pains
offer amounts all told to $4,000.
Judge Humphreys yesterday signed
a decree putting into effect the plan
Of settlement proposed by the petit
toner. AS a condition precedent to
the sale of the assets, except uncol-
lected capital and cash in the hands
of the receiver. TO ". H Pain for s12.-
600 II is ordered that W. H. Pain shall
obtain for the Maunalei Sugar Co. a
release from all claims for rent due,
amounting TO SIS 900. or hereafter TO
become due under the lease, and as
sumo and discharge the liability TO
| the Risdon Iron Works, amounting to
a little over s17 600 Upon the re-
ceiver's fling receipt OF the Mauna-
lei Sugar Co. for the $4,000. less fees
and expenses as proposed in the re-
port. the action viii be dismissed. the
receiver discharged and his bond can
celled