The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-03-14
TAKEN OUT OF COURT
Devlin Properties to Be Turned over
to Holding Company.

/ In telephone communication today
+ to the State Journal, Charles S. Crysler
OF Kansas City, a member of the firm
OF Crysler, Harkless & Eisted, announc-
ed that holding company would be
formed by the creditors of the Devlin
estate within the next ten days.
Everything is favorable to such a
elimination now said Mr.. Crysler.
Judge HORNE OF Chicago, who was in
/ Topeka yesterday is here today. 1 can
not give out any Of the inside details
Of the plans, except that a holding com
pany, or a corpora tiOn viii be formed
by the creditors. An announcement Of
when and where the creditors viii meet
viii be issued within q few days if the
matter carries on as it has SO far The
whole matter VIII be taken out of court,
by a formal order of the court. The
creditors will meet and elect an organi-
zatiOn Of their own and run the matter
just as they see fit. In fact the cOrpOr-
alton Of these creditors will be just as
any other company, in which there are
so many officers and stockholders. Each
creditors claims viii represent his
stock. As a body the creditors viii de-
termine how best to manage things so
as to get their claims paid"
Crysler spoke for Clifford Histed. The
| latter is sick a his home IN Kansas
City and has not been at his Office for
several days Mr. Histed was DeVlfn's
personal attorney after his failure and
had general charge of the handling Of
affairs.
1t has long been the plan of solving
the situation by forming a holding COM
pany such as Mr. Crysler says will like
" be made. Talk to this effect has been
current for many months, IN fact started
before MI DeVlin's death. A number Of
, the interested attorneys met IN Kansas
City today and Judge HORNE was
among them. He is chairman Of the
executive committee of the creditors
These attorneys practically have the
| power to determine what is to be done,
I 4e-~- tafa
their number that a holding company IS
to be formed shortly, virtually settles
the matter.
Interested parties in Topeka do not
seem TO take MI CFysler view OF me me
matter, but feel that a plan of this
kind cannot be carried through sue
/ cessfulIy.
/ Judge NJ. H HORNE of Chicago,
chairman of the executive committee
I of the creditors, who has been the
head and front of the agitation for the
proposed corporation, was in the city
/ yesterday afternoon and evening con-
+ ferring with a number of the principal
| creditors He explained the purposes
of the holding corporation, which Is to
take charge of the estate and bring
about the discharge of the trustees.
and also told of the success which was
attending the efforts to form the com
pany.
But one Of the creditors suggested a
probable legal difficulty and Judge
HORNE returned post haste to Kansas
/ City in an endeavor to untangle it.
The secured creditors in Topeka be-
llieve that they would virtually sur
render the advantage of their position
If they go into the proposed company.
''Its a serious question whether the
secured creditors would not surrender
their position by the simple act of
joining such a company" said Receiv-
er Bradley of the First National bank.
Il am inclined to think they would
The question is an entirely new one
and Judge HORNE was unable to an
| sxEar il