The Glenwood post., 1912-03-02
U. 7. CO. WILL
RE.ORGAN|ZE
Unsecured Creditors to Get IS
Per Cent, Some Say.
How About Stockholders
new OFFICERS ELECTED
Pueblo, Feb. 81

Creditors of the defunct Union Trad
ing company are to be rendered a com.
promise settlement of 10 cents on the
dollar, according to the decision of the
stockholders and new set of officers
of the company in the opera house
block yesterday afternoon If they ac-
cept the offer, the company will be re-
organized and rehabilitated, it was
stated last night by the new president,
c. b. Coffin of Rifle, and new stores
will be established at various points IN
the state.
An entirely new regime was selected
absolute charge of the affairs of the
company, which has been on the rocks
for several mohnts past. New life was
injected into the company and the
statement was made that if compro-
mise settlement is accepted by the
unsecured creditors there are ample
funds available for paying off every
body and having substantial balance
left to start out anew.
Following are the new officers of tho
company chosen yesterday:
President-C. B. Coffin, Rifle.
Vice President L. L. Wigand, Rocky
Ford.
Secretary Treasnrer-L. L. Crissman,
Fruita.
Board of Directors-C. B. Coffin,
Rifle; l.. l.. Crissman, Fruita; /. l..
Wigand, Rocky Ford; C. W. Bishop,
Rocky Ford; c. J. Kirkendall, Fruita-
The president and secretary treasurer
were instructed to make an offer of
settling with the unsecured creditors on
the basis of IS cents on the dollar. A
meeting is to be held with the creditors
in Pueblo on March IA, at which time
the offer will either be accepted or
rejected.
cit looks as though we will be able
to get together said President-elect
Coffin at the Congress hotel last night
We can pay rs per cent of the un-
secured indebtedness. OF course the
secured indebtedness will be paid dol
lar for dollar This, if acceptable, will
leave enough available to establish new
stores,' he concluded.
The stores were ordered sold at the
hearing before Referee in Bankruptcy
S. D. Trimble, on February II, and
brought something over $4,000. About
three -fourths of the outstanding indebt-
edness is unsecured, which includes the
stores. Considerable real and personal
property remains to be sold, according
to the decision of the court some time
ago. No decision of the new regime
could have any effect upon the sale "f
the stores, but in the event compro-
mise is agreed upon, the present status
Of the litigation would be cleared and
there would be no further court action.
That the stockholders of the Union
Trading company are not discouraged
is verified in the fact that the COM
pany has been reorganized and over
lures made to the creditors to pay of
the claims and start anew. They still
believe that they can make a go of it,
and if the compromise agreement is ac-
cepted steps will be taken Immediately
thereafter to finance the new stores
that they propose to establish.
The new officers are sanguine that
the proposition of settlement will be
satisfactory, for, as stated by some Of
them last night, the creditors would
doubtless receive no more than their
offer if all the remaining property were
placed under the hammer and sold at a
sacrifice. In that event they could re-
ceive no more than the property brings
at the sale, it is argued, which would
be materially less than it is worth, and
would be sacrifice to all concerned.
But, they contend further, if the agree
ment is accepted, they can raise enough
money to pay three-fourths of the
claims and still have enough to recuper-
ate and continue in existence.
The new organization is designed to
be permanent, it was stated last night
1t was explained that the old regime,
those who, they claim, are responsible
for the present dilema, have been elm
mated in the reorganization, and they
believe that there will be little further
internal strife ana diiagreemsnt.