The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1908-12-24
Final Meeting of the Creditors of
the Visible Typewriter Co. Is
To Be Held Next Week
CLAIMANTS TO GET NOTHING
Total Amount Realized From Assets OF
the Bankrupt Amount to $30,571.51
and but S3,126.16 Remains to
be Dividend to Creditors

Edward @. Nye Of Milwaukee, Refer
ee IL Bankruptcy for the Eastern Dis
trict of Wisconsin, today sent out the
! final notice to creditors in the settle
ment of the estate of the Visible
Typewriter Company and the notice
does not raise the gloom that has been
over the creditors since the plant was
closed up more than a year ago. The
notice states that Carroll G.. Atwood,
the trustee of the bankrupt, has made
his report Of the closing up of the es-
tate and that the final meeting of the
creditors will be held at the bankruptcy
court room in Milwaukee on Dec 2Sth
and at that time the report is to be
accepted and the first and final divi-
dend allowed to the creditors of the
bankrupt company. The creditors are
expected to decide whether or not they
desire to have suits instituted against
the stockholders of the company with a
view of collecting the debts of the
company. The total amount to be di-
vided among the creditors will not
amount to more than 3,126.16 and
there is more than $4,000 in unsecured
claims to say nothing Of 100000 in al
legged secured claims. Some of the
stockholders Of the company were for
merly wealthy men of Milwaukee but
it is declared that nearly all of them
have practically banEuupted themselves
in attempting to make the Visible
Typewriter Company a success. In adj
dition to this the question of seeking
to secure the patents used by the COM
pany, which were claimed by S. Woll-
helm and now in his possession is to
come UP. Some of the creditors seem
to be OF the opinion that these patents
are valuable and that quite sum Of
money could be realized on them if
they could be secured from Wollheim.
The last matter will be to decide
whether or not the creditors will con
test the payment of the so-called Sc
cured claims which are based on an is
sue of bonds which some of the cred
itors have made an effort to show was
invalid on the face of it.
In connection with the formal notice
to the creditors a. note is appended
which shows the result of the settle
ment of the estate of the bankruptcy.
This shows the total receipts of the
Trustee to have been $30,571.51. Of
this amount mortgage has been paid
70 Of 10
amount Of $1,62195; labor claims to
the amount of $79740 making total
expended Of $24.220:35. The expense
Of administering the estate Of the
bankrupt is about 1925 and this
leaves a total of $3,126.16 to be divided
among the secured and unsecured cred
itors.
The report also shows that unsecured
claims aggregate upwards Of $4,000
and alleged secured claims aggregate
upwards of 100000 The security of
these claims is evidenced by certain
bond issue secured by trust deed
The trustee has been advised by his at.
torney that all of these bonds are i'll
egal and void, but that even if this
bond issue is declared illegal and void
in the courts it will not make any diff
ference to the unsecured creditors as
the expense connected with such an
action in court would be considerable
and little would be left for distribution
/, If an effort is made to have all credit
ors share alike the total to be paid
will not be over two cents on the dollar
and if the secured creditors make good
their claim then there will be absolute
ly nothing left for the unsecured cred
itors and the secured creditors will re
ceive in the neighborhood of three
cents on the dollar. Many of the
smaller creditors are Kenosha business
men and they will probably not con
slider the small amount left from the
settlement of the estate to be worthy
of Illegal contest such as would be
certain if the alleged secured creditors
sought to make a fight.