The Birmingham age-herald., 1913-04-04
Properties Now Owned by
Baltimore Reorganiza-
tiOn Committee
LEVERING AND PARTY
LEAVE BIRMINGHAM
Is Highly Pleased by Plan of Sale
Committee-Is to Assume In
debtedness of the Company
Secured by Mortgages

The Alabama Consolidated Coal and
Iron company bankrupt. no longer ex-
lists
By decree issued by United States
Judge william T. Grubb late yesterday
afternoon the property and plants of
the bankrupt company were sold to
the Baltimore reorganization commit
tee, which Is composed of number Of
stockholders of the bankrupt concern
and of which Joshua Levering is chair
man.
BY the plan of sale it is agreed that
the reorganization committee shall as
sumo all of the Indebtedness of the
company secured by certain mortgages,
shall pay to the trustee, Harry w.
Coffin the sum of 100000; shall pay
| the unsecured creditors of the COM
pany in full, and shall reorganize the
company and operate 1t under new
management. 1t is further provided
| that any of the preferred stockholders
| who desire TO come into the reorgan-
| ization plans within 30 days after the
decree is issued shall be permitted to
| do so.
| BY the decree 1t is agreed that the
claim of the Louisville and Nashville
Railroad company shall be Withdrawn
upon the delivery of the deed to the
purchaser, so that the former can par
| ticipate in the distribution to the cred
itors of the company. 1t Is also stated
that the business of the company Is
to continue under the direction of
Trustee Harry Coffin until the de-
livery of the deed. which Mr. Coffin
stated last night would be probably
about April 90.
Levering Pleased
Chairman Joshua Levering of the
committee; his secretary. c, I. Earnest
and his attorneys. w c. Chestnut AMI
e. n Rich. all returned TO Baltimore
last night highly pleased with the
success of the proceedings. Mr. Lever
ing came to Birmin CHAM Monday TO
be present at the final hearing on the
offer he and his associates had made
TO Mr.. Coffin some several weeks ago
to buy the bankrupt company and which
had been approved by Mr.. Coffin and
placed before the court for its ap-
proyal. Mr.. lowering stated the new
company, to be known as the Alabama
company would be conducted upon
high and sound business principles and
would contribute largely to the growth
and development of the Birmingham
district where its furnaces and mines
are located.
Trustee Coffin stated last night that
the company had been Incorporated at
Trenton, but that no board of directors
had been elected yet and no other Of
ficials decided upon. He stated that
with propriety he could say nothing
now in regard to the reports that ha
Is to be made president of the new
company. THE new company ought
to be organized in the course of the
next two or three weeks and the ne
gofiations in the deal finally closed
up" he stated last night.
& Decree Drawn by Day
The decree was drawn up by Ref
cree In Bankruptcy Edmund II. Dryer.
who has had charge of the court af-
fairs of the bankrupt concern to a
large extent since they We're first filed.
At the conclusion of the hearing be-
fore Judge Grubb the latter requested
that Referee Dryer draw up the decree.
which was done and submitted to him
yesterday afternoon, meeting with his
approval. The attorneys for Mr. Lew
ering had decree prepared but Mr..
Dryer rewrote IL entirely. working on