Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1913-02-20
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70 the Creditors of the First Ma
tional Bank, Mineral Point, Wis:

have Just been informed that the
estate of Philip Allen Jr., in bankrupt.
lN, has declared a dividend limiting II
So per cent. 20 provide against CON
dluou that may arise as viii hereafter
appear upon MI claims tiled and allow
ed In thai estate, except those died Ivy
me as receiver OF the bank
Much has been said and misleading
rumorS have been circulated relative to
the Allen estate, III bankruptcy. and in
fairness to the trustee Of the Allen Is
tate deem It hut proper 20 make the
following statement;
1t appears the real reason why ne
dividend is to he paid me AS receiver is
due ~ the fact that Mr. W Il. Gundrv,
through his attorney, entered a protest
to the contamination of a settlement
reached between the trustee Of the Al
len estate and myself as receiver for the
Mineral Point bank whereby the whole
matter would have been settled by an
allowance Of my claim to the amount
Of $3.50 900, 90 The estate would then
nave probably paid ten per cent diyi-
dend On all claims, which would have
been followed shortly hv further divi.
dend or at least soon as the Henry
bank matter was decided. same now be
ing in Judge Gejger' 5 court for decision
AS the referee had already decided the
Henry matter in favor Nf the trustee |
naturally look for confirmation hv the
court In other words would have
received from the Allen estate in the
nelghhorhood of $50 10000 and YOU as
creditors would have been benefited by
same in the shape of an additional diVi-
deud to that already laid YOU except
for this action ON the part of Mr.
Gundry
Last summer at a time when ncgutia~
tons tor possible settlement of the
SUIT against the directors were pending,
my attorneys took up with the attorneys
tor the trustee in bankruptcy the uuos
ton OF determination of the amount
OF all my claims. After Il long and
careful consideration and considerable
discussion of this matter ii was agreed
upon that $3.50, 900 90 would he Il prOpe,
aud satisfactory amount at which all the
claims filed by me against the Allen es-
tate might be adjusted, in order that
the Allen estate might be closed. The
bankruptcy court then called credit
ors' meeting at which the question of
ratification of this adjustment was pre-
scented, There was no opposition to
this settlement by any creditor of the
Allen estate. William p. Gundry,
however, one of the directors of the
bank and defendant in the suit against
the directors, filed Il protest against the
settlement claiming that the determine
tion ought to be made in the suit against
the directors, and thereby stopped the
settlement.
After an examination of this protest
and Il careful consideration of the
whole question it did not seem advise
able to make this settlement with the
Allen estate if it appeared that any of
the other directors We're going to use
this settlement rs IA basis of claim that
the right of the receiver to proceed
against them was thereby impaired. A
stipulation was accordingly prepared
and presented to the attorneys represent
ing the various directors. This stipula-
ton was to the effect that the proposed
settlement with the Allen estate might
be mad without prejudice to the suit
then pending against the other direct
ors, The only attorney representing
the directors who expressed a willing
ness to agree with this stipulation was
John Nj. DIN, counsel for the McllhOn
estate. T. M. Priestley has. however,
stated that he would agree to the set
Element were it not for the opposition
of james M, Shecan, counsel with Mr..
Priestley for William p Gundry.
The entire responsibility for any fur
ther delay in the payment of dividends
on my claims in the Allen estate and
the consequent postponement of the
payment of the dividend to the credit
ors of the bank based upon such claims
in the Allen estate must therefore rest
upon the other directors, with the ex
ception Of the Mcllhon estate and Fred
erick Vivian, represented by T. M.
Priestley and John M. DIN.
G.. l.. WILLIAMS,
Receiver.