The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-07-27
ALL CLAIMS PAID,
POPE CO. READY To
END RECEWERSH|P
Automobile Concern Put Back
on Working Basis With
out Debts.
WANT FINAL ORDER
OF DISTRIBUTION
Enough to Pay Dividend After
Creditors Were Paid
Off.

With a splendid record of paying off
all claims of creditors in full, with in
terest besides, and having enough on
hand to pay a Al per cent. dividend to
all holders of preferred stock who did
not come In on the general reorganiza-
ton. plan, the receivers of the Pope
Manufacturing Company have been
granted an order by Vice-ChancelloI
Howell. returnable Monday at 10 a. m.
directing all parties concerned to show
cause why q final order Of distribution
should not be made. the receivers dis
charged, their final report accepted and
their bonds discharged with a con-
firmation Of all their receivership ac-
lions. The application was made
through Lindabury, Depue & Faulks,
colnsel for the receivers.
The work of the receivers, Albert L.
Pope, Egbert J.. Tamblyn. of Lum.
Tamblyn & Lum. and George A. Yule,
in thus putting the concern back on q
working basis without a penny of debt
on the books of the newly-organized
has seldom been equaled, let
alone surpassed In the work of receiv-
ers of insolvent corporations, and has
excited much admiration.
1t was on August 10, 1907, thai the
Pope company, by a friendly arrange
ment with the MacManus-Kelley Com
pany, one of their creditors, went into
bankruptcy. Messrs. Pope and Tamb-
lyn were appointed receivers. Later
MI. Yule was appointed by the creditors
as the third receiver to look after their
interests. The receivers were given
!. permission to go ahead n fulfill exist
ling contracts, and that year manu-
All this work was done in the West
field and Hartford factories. the other
plants being sold off from time to time
by order of the court, and the proceeds
applied to the paying of rs per cent.
dividends to the creditors.
On August 81, 1908. the preferred
stockholders established a reorganiza-
ton committee and made an offer 10
the receivers to establish a new COM
pany and take over all the affairs OF
the old company, paying the. Creditors
in full. with interest. There was at
this time s2,Ss1 900 OF preferred stock
n cash on hand, amounting to sS12.
B0s. 43, but out of this there was paid
"a balance of 1894, $50. 4S.
The receivers then accepted the offer
of the reorganization committee. com
posed of preferred stockholders. to
form a new company, paying off all
debts, counsel fees and receivers ex-
penses, and to pay 81. 500. 900 In cash or
its equivalent in preferred stock In the
new company for the old preferred
; make his offer, for they controlled
90, IA shares Of the old preferred stock,
this being all but 1876 shares, and knew
that mons but the holders of the 1876
shares We're likely to demand cash.
The claims of the general creditors,
with interest, amounted to 1891, 464. So,
leaving a balance attributable to hold
ers of first preferred stock of $685.
951.42, or a value per share of $41.2S
This is a total of $S,061.42 for the hold
ers of the 1856 shares. The committee
asks permission to deposit this amount
with the clerk of the court for distri-
button.
The members of the reorganization
committee who worked so well in CO.
operation with the receivers We're
Harry B%ronner, F. H. Ecker and August
Hechsher.