Waterbury Democrat., 1902-08-21
NOT SETTLED YET
May Take Charge OF
Matthews g willard Factory.
A MOTION MADE TO DISSOLVE.

The Present Injunction Will Be Heard
Tomorrow by Judge Roraback--
Scovin Co is Ready to Take the Con-
Germ and Pay OFF Its Stockholders
and Other Obligations.
There is possibility of the factory
of Matthews s. Willard going into
the hands of a receiver. 1t all depends
upon the valuation Judge Roraback
will put upon the plant tomorrow
when he hears the motion to dissolve
the injunction which was placed upon
G. P. Goss, T. r. Hyde, e. 0. Griggs
and others of the company restrain
ing them from transferring the entire
plant, stock and machinery, to the
Scovill Manufacturing Co to liquidate
its Indebtedness to that company. liz
the court agrees with the minority of
the stockholders the injunction will be
declared permanent and then another
| motion will be fled for the appoint
ment of receiver. The minority
claims that while it is true the COM
pany owes the Scovill company about
| $50, 200, the valuation OF the plant is
far above that sum, and that it would
be unjust to them, therefore, to dis
solve the injunction. Messrs Goss.
Hyde and Griggs on the other hand
claim that the transfer of the plant
to the Scovin concern would be the
best thing to do because the concern
Is now losing money very fast; that for
some time it has maintained it's pay
roll upon the loans from the ScovilI
company; that it's debts amount to
about $230,000 and it has no way in
| which to pay them; that 1T is at pres
ent and the prospect Is that it will
be impossible for some time, if possi-
BILE at all. to obtain a buyer for the
plant, and that the Scovill company
| is willing to buy now and keep the
machinery going in consideration for
the large sums it has loaned the con-
Germ Supporting these statements
| Messrs Goss, Hyde and Griggs have
| the consent of all of the stockholders
Of the Matthews & Willard Go and
about four-fifths of the board of direc-
tors to transfer the property of that
company to the custody of the ScovilI
4 company in consideration of their in
debtedness to the latter
The rub comes in the report that the
/ minority, those members of the board
Iof directors who obtained the injunc-
ton which the majority is seeking to
have dissolved, are ready with pur-
chaser IL they will be given sufficient
1 time to produce him. What time do
they want? the majority asks. There
is no objection TO this step, not the
slightest, but the majority of the stock
| holders and board of directors do not
want to fiddle and faddle their time
and their money with a concern that
already owes in the neighborhood of
S23O,OOO and has no prospect whatever
of paying that large sum. The mem
bers Of the Matthews & willard con-
Germ that favor the dissolution of the
injunction and the transfer of the
lplant to the Scovill people claim that
such course will be the salvation of
the Matthews & Willard plant. No
other creditor has SO large a claim,
they say, and no other can make such
ready use OF the plant, or begin to pat
it in way Of paying it's stockholders
and creditors. This is the situation
as it will be about presented to Judge
Roraback in the superior court room
in Winsted tomorrow. The Scovill
company is ready to accept the trans
fer. All the necessary papers in such
a transaction have been drawn up and
the Scovill company is not only ready
to step in, but also pay off all the 9TH
er creditors. III the court decides that
the amount of the concerns indebted
ness is about the figures Of its real
value at present there will be no delay
in dissolving the injunction, but if the
4 court decides otherwise there is pos
Isibility of trouble. 1t will be point
won by the minority and their purpose
seems to be to wind up the concerns q
affairs.