The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1909-10-29

Unsecured debt. .............. 545,6l8.2
Total NEUTRALITY-SUSPICIOUS.. .$764 JAG. q
H. This plan is to be carried into effec
by committee, consisting of Vincen
Loeser, Francis b. Griffen, Earle G. But
Ter, and P. j. Doerr.
The committee proposes to take such
steps as may be advisable to procure ar
early judicial sale of all the properties o.
Hardware and Woodenware Manufacture
ing company as an entirety, and, in the
event of the purchase of the same by the
committee, to convey the same to a new
corporation to be formed, which shall
issue and deliver its common stock in the
manner hereinafter provided.
| The committee shall have the power, in
| its unrestricted discretion, to declare the
plan of purchase and reorganization oper-
ative, or it may abandon the same; but
if the committee shall fail to declare the
plan of purchase and reorganization oper-
Iative, or shall abandon the same, then
and in that event, the committee shall
claims as may have been deposited here
under upon surrender of the certificates
of deposit issued therefor y
The committee expressly reserves to it.
self the right to make any bid it may see
fit at the sale, or to refrain entirely from
bidding, or to stop bidding at any time or
point it may in it's unrestricted discre
ton. deem advisable or proper, and the
committee shall be fully authorized to
use for any purpose and in any manner
every claim assigned to the committee
and deposited hereunder, as fully and to
the same effect as any prior owner or
holder thereof
Neither the committee nor any men,
Der of the committee shall be held per-
sonally liable, except for it's or his own
wilful default or gross individual neglect
in the performance of any of the provis-
ions of this plan.
III. The committee shall have the
power to add to its number and to fill
vacancies caused by resignation or other
wise, and each member thereof shall have
mittee shall also have the power to de-
termine how many of its members shall
constitute a quorum. Creditors of the
Hardware and Woodenware Manufacture
ing company who desire to become parties
to the plan of purchase and reorganiza-
ton and to receive the benefits and adj
vantages thereof, must deposit, on or be-
fore the tenth day of November, 1909,
with the East River National bank, $50
Broadway, New York city, full and com
plete assignments to the committee of
their several claims, together with
propers power attorney authorizing the
to take such action in regard |
thereto, as to it may seem proper. All
depositors shall receive certificates of de-
committee, specifying the claims deposit
ed hereunder, and the holders of such
certificates of deposit issued hereunder
shall be entitled only to the rights and
benefits specified in the plan of purchase
and reorganization, and thereafter the
holder Of any such certificate of deposit
or of any certificate issued in lieu thereof
or in exchange therefor shall be subject to
the plan of purchase and reorganization
and entitled to have and exercise only the |
rights of the original depositor under the
certificate issued to him. By accepting
any such certificate of deposit every re-
cipient or holder thereof shall thereby be-
come party to the plan of purchase and |
with the same force and |
effect as though an actual subscriber
thereto.
In the event that the committee shall
purchase the property and convey the
same to the new corporation herein con-
templated, the said corporation shall is
sue its common stock and deliver to each
creditor Of the Hardware and Wooden
ware Manufacturing company who has
become party to this plan of purchase
and reorganization, an amount thereof at
par equal to the amount of his claim as
filed and proved with the receiver of the
Hardware and Woodenware Manufacture
ing company, without interest, provided
said creditor shall have assigned to the
committee and deposited hereunder an
of his claim, as herein provid-
ed.
In the event that the property shall not
be purchased by the committee, but by a
party or parties other than the commit
tee, the committee will collect the amount
due as distributive share on each and
every claim assigned to the committee by
the depositors under the plan of purchase
and reorganization, and will pay over the
return of their deposit certificates less the
expenses and compensation of the COM
mittee.
". In order to insure the success of
the plan of purchase and reorganization,
the committee has entered into a contract
with responsible parties, who have agreed
to underwrite at fair price such an add
1itional amount of common stock OF the
new company as may be necessary to pro-
vide for the payment of the claims of
non depositng creditors and to provide
for other necessary expenses in eonnec-
ton with the plan of purchase and reor-
ganization or for working capital or other
necessary or proper corporate purposes OF
the new corporation. and in the event that
the committee shall purchase the property
and convey the same to the new corpora
ton herein contemplated, the new corpor-
alton shall issue such an additional amount
Of its common capital stock as may be nee
pssary to provide for the requirements of
said underwriting agreement.
:....1al af |