The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1909-05-09
NOTICES SENT
OUT IOA., B. "a.
STOCKHOLDERS
COMMITTEE PUTS THE PLAN OF
REORGANIZATION OF THE
PROPERTY BEFORE THEM.
Large Holders in the East Have In
vited All interested to Join in the
Movement to Get This Property Out
Of the Courts.

of the Courts.
Holders OF stocks, securities, certif-
cafes and obligations Of the Atlanta.
Birmingham and Atlantic railroad and
allied interests throughout the coun-
trv are in receipt of notices from
New York and Boston that a general
committee has been appointed from
among the larger holders OF such Sc
curities. in the east, TO outline plan
OF reorganization and rehabilitation OF
these properties at the earliest possi-
bic date.
The committee named is composed
of Frederick Aver and Samuel Carr,
both capitalists, owning large inter-
ests in these companies and residing
in Boston. and John / Waterbury,
president Of the Manhattan Trust 90"
OF New York, and Edwin s Mar
ston. chairman, president OF the Far
ulers' Loan and Trust company, OF
New York. The committee sigma
lures are followed by Strong & Cad
walder, Fish. Richardson, Herrick &
Neave, counsel
The interests affected are the At
lantic and Birmingham Construction
company, Atlanta. Birmingham and
Atlantic Railroad company, Georgia
Terminal company, Alabama Terminal
Railroad company, Fitzgerald, Ocilla
and Broxton Railroad company Bruins
wick Steamship company, Birmingham
Coal and Iron company the Ogie-
thorpe company and Terminal ana
Railway syndicate.
Statement by the Committee.
In an advertisement printed by the
committee the following statement
was made:
"The committee invites the cooper
alton of all parties interested in an
endeavor to protect their interests and
10 adjust the affairs Of the several
companies inyolyed, with view OF
devising an equitable plan Of reorgan-
ization ara a proper rehabilitation OF
the properties with adequate re-
sources for successful operation.
"The committee has filed with the
Manhattan Trust company, New YORK,
and the Old Colony Trust company OF
Boston. as depositaries, a protective
agreement under the provisions OF
which steps will be taken for the pro-
lection of the interests Of all owners
ana holders OF the stocks, securities,
certificates and obligations above mem
toned.
f.f a b.
deposit with the deposHaries Of stocks
securities, evidences OF obligation, re-
ceipts and certificates sought 10 De
protected by the protective agree
ment, for which win be issued suit
able receipts.
"The committee is engaged in the
preparation OF plan Of reorganiza-
ton which will be submitted as soon
as practicable for the consideration Of
all parties in interest"
1t is recalled that on January l
this road, with its subsidiary corpora
tions was placed in the hands Of re-
ceivers, H. NJ. Atkinson and F. S. Ark
wright being named by Judge Par
dee, Of the United states circuit court
Of appeals. Later Mr. Arkwright
resigned and Samuel F. Parrot was
named to succeed him, and he and
Mr.. Atkinson are now acting as re
ceiyers for the road.
No Friction, Says Parrott.
When asked in regard to the pro
posed plan OF reorganization and re-
habilitaticn, Mr. Parrott said; The
suggestion is thoroughly harmonious,
as all Of the Interested parties are
working together, and It is in no sense
a factional fight There are no fac
ti0ns among the stock, bond and se-
curity holders Of tie road. This COM
mittee. which is composed Of strong
men who represent all interests, was
named for the purpose of working out
some plan Of reorganization and re-
habilitation which would secure the
best results for the property of these
stockholders. The committee when
a sufficient majority Of the stocks,
bonds, etc. are On hand, with the de-
positaries, will formulate some pan
of reorganization which will be SUM-
mitted to the stockholders, etc. for
consideration and action.
st is not intended that a couct
should always operate a corporation,
and this committee will outline some
plan Of action as how best to han
die the corporations when they emerge
from the receivership.
The question of reorganization is
not a personal one. but one for The
betterment of the road and its proper
ties"