The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1904-08-19
RECEIVER
FOR HAMA
Maui Plantation Is
Declared In.
solvent.
(From Wednesdays AdvertiseD

(From Wednesdays Advertser)
Half a million dollars are involved in
foreclosure proceedings filed by Sig
mund Grinbaum and Chas Atschul
against the Hama Plantation Company
Con MAUD, Nj. S. Grinbaum & Co. (of
| lHonoluu), and the Union Trust Com
lpany (of San Francisco). The papers
were filed for service yesterday
The mortgage indebtedness, on which
the action is based. is $4,000. and
plaintiffs aver that the plantation COM
pany is insovent and has debts amount-
ing 100000 which ii is unable to pay.
A receiver is asked for
| The complaint sets forth that the
Hama Plantation was Incorporated TN
der the laws of the State Of California
in November, 1887. That on December
II, 1894, the respondent being desirous
of raising funds for the purpose OF its
business duly authorized the issue and
has issued and disposed OF mortgage
bonds to the amount OF SI5o,ooo OF the
denomination OF $1,000 each all dated
January q 1895, and bearing interest at
the rate OF per cent. per annum. pay
able semi-annually on July l and Janu-
ary l of each year and six of the said
bonds being payable on the first day OF
| July of each of the following years:
1895, 1896, 1897, 1893 and 1909, and
fifteen bonds payable on July OF each
OF the years from 1000 to 1907 inclusive.
On December II, 1894, the respondent,
for the purpose of securing of the prin-
cipal and interest OF said bonds at the
time when they became due and pay
able, conveyed to the complainants first,
LII a., q -, II
ing and known as Hama Plantation and
Its appurtenances, and second the prop
Iterty, real and personal OF every kind OF
the said plantation and all other rights,
interests and franchises vested or con-
tingent of said corporation upon trust
and for the use OF any person, or per-
sons, who should become the holders OF
said bonds secured by the said indenture
of mortgage or any OF them, subject
nevertheless to the proviso for redemp-
tion upon payment by the respondent 20
the holders of the said bonds and each
and every one of them OF the sums OF
money TO be paid by the said bonds and
1.-THE interest coupons attached thereto or
to grow due thereon at the place and
times and i'll the manner set forth in the
bonds.
/ That the conveyance OF the said prop
erty by said respondent to the COM
Iplainants was made subject to mort
gage or deed OF trust dated March s,
1900, made by the respondent to Mar
ion Leventritt and Charles Altschul,
which mortgage provided that on pay
ment of the moneys intended to be
hereby secured the said mortgage should
be void that all of the moneys in ques-
ton have been paid and the mortgage
mas been cancelled as appears by deed
dated Feb. 2S 1900.
That the said indenture OF mortgage
dated December II, 1904, is voted in
cumberance on the property therein de-
scribed and thereby conveyed and IS
now a first lien upon all that property.
That the property subject to the in
denture OF mortgage consists OF lands,
Ihereditaments and leaseholds and also
OF a sugar MILL railway. rolling stock,
Ihorses, mules, etc, and also OF the crops
of sugar cane now growing on said
lands.
That some OF the lands are under
lease to sundry tenants and that the
rents are from time 10 time becoming
due and that the other lands are used
by respondent in the conduct OF the
plantation.
That the respondent is indebted to
divers other persons IN the sum not
less than 100000, all OF which IS pres
emily due, and that the respondent Is
without funds to pay said debts or TO
carry on the said plantation or its busi-
ness.
That the respondent is insolvent.
That in consequence of indebtedness
and lack OF funds the respondent IS neg
lecting to cultivate arabic lands and
has ceased to carry on the Plantation
eXcept so far as is necessary to care
for the crop now growing, which Will
mature in 1905, with the view OF har-
vesting and milling same and dsposing
of the product.
That the property subject to the mort
Igage is INADEQUATE to satisfy the amount
secured and that ii is deteriorating i'll
value on account of neglect.
That the complainant is informed
NJ. s. Grinbaum & Co., Ltd, claim to
have some interest or lien on all the
personal property OF the Hama Planta-
ton CO., which lien is inferior to the
lien of-complainant.
Wherefore the complainant prays:
That the respondents be directed to
appear in court TO answer (but not I'M
der OATH all and singular the prem
Uses.
That the mortgage OF December II,
1904 he decreed first lien on all the
property described in said mortgage.
That an account be taken OF the
amount due on the books and the re-
spondent decreed to pay same and that
in default thereof the respondent be
forever barred and foreclosed from all
claim 10 the premises, so that these
may be sold and the proceeds be applied,
latter deducling expenses, 10 the pay
mni oi the bonds
That a receiver be appointed for the
property
| That an Injunction may issue re-
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