Semi-weekly herald., 1908-08-10
Proposition 10 Pay
Dollar for Dollar
Turned Down

RAQ . et6uoBEapncr pTtbeul W tuAt
down the remarks OF T. J. oDonnell
In his presentation Of the various prop
ositions for the settlement of the af-
fairs Of the Colorado State bank. and
the following took place. Mr. O'Don-
nell speaking:
Preparatory to taking up the three
alternative propositions to be present
ed for approval to your honor. with
your honor's permission. will try to
present the respective merits OF each
for your honor's adyisement as to
which should be accepted. Personally
] have no particular one Of the plans
TO advocate. l am not instructed to
advocate any particular one. but to
get one Of these plans agreed to.
My personal opinion formed from
talking the matter over with the Off
GERS Of your honor. the receiver and
his attorney. is that the first plan, that
OF new bank. will most speedily
reach the result OF full payment with
less entanglements and details to be
worked out, and as well utilizing the
building and office which under the
plan become practically part of the
assets.
should state that Mr.. Freeman has
interested friends and bankers in Den
yer and elsewhere, but principally in
Denver, and 30 far as Denver is con-
ccrned men well known to me, per-
aonally, men, some of whom, have
been my clients for many years, men
Of the most ample responsibility and
OF the highest standing. In the effort
to bring about condition which
should result, and that speedily, In the
payment Of every dollar OF the indebt-
edness Of the Colorado bank as soon
NJ the necessary formalities can be
arranged and the necessary details
carried out. l stated to your honor the
other day, that these men were of
such ample means to perform that
which they have undertaken to per-
form under their arrangements with
Mr.. Freeman that for me to enter into
details, would be q work OF supererO-
cation. The assets OF the bank have
been investigated by these men and
they came to the conclusion that they
could not only accommodate Mr.. Free
man and. incidentally. those who are
associated with him. thus testifying
their regard for Mr.. Freeman, but
that In so doing they would be abso-
lutely safe financially as the security
would be ample.
Therefore representing them, ! dc
mot stand here In the attitude Of one
bearing aims but as one who comes
to make fair, square, open. honorable
business proposition, the result OF
which II accepted will be OF great and
immediate benefit to one side and will
cause no loss to the other. And SO
journeyed from Denver to take up
this matter with your honor or, with
your honor's permission with the more
immediate representatives Of this
trust, the receiver. and his attorney,
Ne ASAAOnAOys ahQ nau nOpC0 " UC
able to arrange with them by mutual
Agreement. q scheme of settlement
which they would present to your
honor, but after efforts In this be-
half were found to be futile it was
decided that the application and pc
ution should be made to your honor
personally, by me, In court. and hence
we are here. d.
These propositions are:
TirSt-That II an agreement is exc
cNted under your honor's authority
signed BY the receiver. approved by
the court and entered as a judgment
OF the court there will be organized
bank with capital. cash capital, cash
In hand. TO be counted out to the salts
faction Of your honor. sufficient to
pay these debts. thereupon the assets
Of this suspended bank under the or
der Of this court to be by proper tran
fers Of title turned over assigned and
conveyed to this new institution, this
institution TO place upon its books. as
its creditors. all the depositors and
creditors OF the Colorado State bank
with the amounts due to each respec-
lively. as q debt OF such new insti-
tuition and payable on demand in the
usual course.
Second-If for any reason the fore
going proposition be not satisfactory
that upon $4,000 OF certain bonds
described in the petition $4,000 OF
which bonds are OF the corporation
known as the Income Property com
pany and are now In the hands of
the receiver and other assets of the
bank being subscribed for by deposit
tors and taken In lieu or on account
Of their debts by exchange of one for
the other. this syndicate will fur
nish enough cash to pay every remain
ing deposition In full. dollar for dollar.
When say this l mean OF course,
tho amount Of cash required In excess
Of that which is In the hands of the |
receiver, this money to be paid in to |
the hands Of the receiver and distrib. |
~tS> -. th~ Anrc-ttor,