Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1907-01-30
MALVERN HOTEL AND LAND IMPROVE
MENT COMPANY.

MENT COMPANY.
r UERE B, DEASY. Of Eden Hancock
IL County. state of Mai e. Receiver OF the
Malvern Hotel and Land Improvement Com
and petitions this Honorable Court, as fol-
lows:
First: That your petitioner was daily APP
pointed by this Court Receiver OF said cor
poration. by decree dated January 2nd. 1906:
that since the date of SAID decree he has as
such Receiver been in possession OF the hotel
and all the property OF said corporate n. con
sisting OF the Malvern Hotel. summer hotel
at Bar Harhor. Maine. aud cottages and build
ings connected Herewith: that the Metro
politan Trust Company of New YorK~Ciiy
holds mortgage for One Hundred Thousand
Dollars upon said hotel, cottages and furni-
ture and furnishings, and has begun fore
closure of same by suit In equity in this Court
in the said County of Hancock; that said suits
in equity are still pending.
Second; Your petitioner further repre-
seats that 1t is necessary tor the Interests OF
property be run and operated during the sea.
son OF 1907; that said hotel and property can
not be so run and operated successfully with
out additional repairs and Improvements,
and that your petitioner believes that such
necessary repairs and Improvements will cost
Ten Thousand Dollars.
Third: Your petitioner further represents
that the mortgage held by the metropolitan
Trust Company Is for sum exceeding the
entire value OF all the property of said NAL
veru Hotel ard Land improvement Company.
SO thar the stockholders int ests IN said cor
porstion are OF no value, and that the Metro
politan Trus. Company aforesaid ami Benja-
Phillips. of Philadelphia, q commit. repre-
seniiug the holders of bonds secured By said
mortgage. are DESTROYS that the sail hotel be
run and operated during the suamer OF 1907
unde- said Receivership.
Fourth: Your petitioner further repre-
senis that there is no practicable way OF Sc
and Improvements other than by an issue of
Receivers certificates to be made FIRST lien
upon property of said corporation. and that
said Metropolitan Trust Company. mortgage
and said Strong and Phillips, committee, are
willing aud DESTROYS that such Receivers GER
tihca'es be authorized.
Fifth: Your petitioner further repressuts
that by contract made prior to April Isl 1866.
under authority OF decree OF this Court, dated
February 5th. 1876, he agI eed to sell, and con-
vey to Alfred NJ. Goals OF Providence r. L.,
certain real estate belonging to said corpora.
tion, for the sum of twenty thousand dollars:
that said contract has been carried into effect
by delivery OF said deed and receipt OF said
twenty thousand dollars which has been duly
accounted for; that said transaction was not
completed, however. by the delivery OF deed
and receipt OF consideration. until april 27th,
1906; that the tax upon said property for the
year 1905 has not been paid. and that said
Alfred NJ. Coats demands of your petitioner.
that as such Receiver he pay the tax Tor that
year and your petitioner is DESTROYS OF re-
ceiving instructions of this Court as to pay
ment OF said tax.
Sixth: Your petitioner further represeuts
that he has now in his hands as such Receiver
the sum Of Four Thousand. Nine Hundred
and twenty-five Dollars and Ninety Eve cents
lS4.92o.s5l as appears by account rendered
herewith. but that said sum will be necessary
TO pay taxes, insurance and expenses and to
start the operation OF the hotel for the sea-
son OF 1907, and that no part of il will be
available for repairs and Improvements.
seventh: Your petitioner further repre-
sents that the Receivers certificate for 5 x
Thousand ana Three Dollars and Fifty Cents
s6,tos5e) authorized by decree of February
attn. lse6. IS outstanding unpaid. including in
ierest thereon.
Wherefore your petitioner prays that this
Court will order due notice to be given to ali
persons interested, to wit. to Franklin A.
Wilson OF Bingor. Maine. to Harriet Fox OF
OF said Malvern Hotel and Land Improve
ment Company. to Benjamin Strong, OF 1876
Madison Avenue. New York City, and
Clement S. Phillips OF 6l2 Rsce Street. Phila.
deiphis, committee representing the bond
holders of said corporation; Howard W. Mar.
snail OF Bar Harbor, Maine. Clerk of said
Malvern Hotel and Land improvement Com
pany and the Metropolitan Trust Company
OF 40 Wall Street. New York City, holder Of
the mortgage securing the bond issued by
said Malvern Hotel and Land Improvement
Company. and that this Court will further
order such other notice as it may deem neces.
sary.
Your petitione further prays that he ma he
authorized and empowered to issue and neeo.
tate Receivers certificates to the amount ~
S ss c Thousand Three Dollars and Fifty Cents
tSo.Vu5o o) proceeds to be used for the retire.
ment OF said Receivers certificates OF said
amount now outstanding; that said Receiver
may be authorized and empowered to expend
said sum OF -Four Thousand, Nine Hundred
arc ara fmenty- I'VE Dollars and Ninety Ave
est on said outstanding issue of certi6catss
taxes. insurance, such expenses as NAV be
allowed by this court and in starting the
operation Of the hotel for the season OF IeoT
That this Court will instruct your petitioner
IN reference to the payment OF the tax for the
year a isoS upon the property sold as aforesaid
70 Aured NJ Coats; that said Receiver NAV he
aulnorized and empowered to issue and ne
gotiate additional Receivers certificates not
exceeding the sum OF Ten Thousand dollars
naa 70 expend the proceeds of the same in
property Of said Malvern Hotel and Land I'm.
proyement Company. In
That all such Receivers certificates artho,
ICED as prayed for herein may be made s1st
l la;a upon the property, real and personal Of
cnmn aa,Vs sa hotel and Land Improvement
Metropoiitan Trust Company under its mort
gags ana foreclosure; that such Receiver,s
csrtncates shall bear interest not exceeding
slx per cent per annum, and be negotiatad a.