The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-11-18
SALE OF RICH y.
PLANT PUT over
UNTILSATURDAY
Referee JOslyn Orders Further
Adjournment That New Bids
BE Submitted
CHICAGO MAN OFFERS
GUARANTEES OF $500, 600
Believed, Though, That Fresh
Bidding Will Bring Consid-
serably More

The sale of the assets OF the R-C-H
corporation, set. for Monday. In the
Office OF Referee in Bankruptcy JOS
Ign, was again adjourned till Satur-
day morning at e:So o'clock, to allow
time for the filing Of further bids
The bid Of .$135.000 offered when the
property was put up for auction at
the plant. Tuesday. Nov. IL, was re-
jected by the referee as fnadequata
The only new offer received in the
meeting, Monday, was from Maurice
ROthschild., general manager OF the
Harris Brothers company. OF Chicago
which controls the Chicago House
WreckinE company. -. ,a~
The, propagation Of Mr.. Rothschild
was In the form OF guaranteed sale.
the terms being that all money re-
ceived shonld 20 TO the creditors with
the exception Of a commission OF 10
per cent, with the provision that the
Harris Brothers company guarantees
not Tess than $4,000 clear on the real
estate and $4,000 ON the other phys
ical assets. At the request OF the
referee. Mr.. Rothschild promised
that the proposal would be submitted
In writing, Monday.
About 80 attorneys and creditors at
tended the meeting. Several other
men asserted that their clients would
like further opportunity to present
bids, so the sale was postponed again.
Referee Joslyn announced that the
conditions of the sale would be for
each bidder to present his proposition
In writing, accompanied by q certified
check for not less than $1,000 Each
Will have the right to raise his offer.
Mr.. Joslyn declared, however, that
100000 for the real estate would never
be considered adequate by the court.
when some OF the attorneys began to
speculate on basis OF that amount.
1T Is one OF the crimes Of such An
enforced liquidation" he said after
the hearing, that such q ruthless sac
riflce OF the interests of the creditors
must be made as In this case, but IT
is inevitable. The book assets OF the
firm are $1,346,6S2.3 and as a going
concern, 1t Is worth 100000.
1--WE are being offered for 1t now
100000 above the $1S7,766 cash on
hand However, / confidently believe
that before the affairs are finally ad-
justed. this amount will be raised by
at least another 500, 000.'
One of the unusual features about
the firms business Is that its cred
itors. who signed an agreement Oct
25, 1912. to an extension of their
claims. will receive nothing on them.
One Of the terms OF that agreement
was that all claims arising thereafter
should be met first Of all should
there be a liquidation.
The claims Of those who signed the
contract amounted to $1,372,269. Other
creditors to whom the company owed
$2s, $3.50 refused to sign II, and they,
according tosthe present contention OF
the Security Trust Co, which has
been the receiver and was, Monday,
selected as the trustee in bankruptcy.
will share equally with the creditors
whose claims have since arisen. The
last named amount to $270,777. 1t is
estimated by Referee Joslyn that
about 30 or 40 per cent will be paid
on them.
The secured claims against the
company, including a mortgage OF
$4,000, amount to about $500