The citizen. (Honesdale, Pa.) 1908-1914, 1913-05-30
KRANTz MADE TRUSTEE
OF FOOTWEAR COMPANY
MOTION FOR THE APPOINTMENT
OF A RECEIVER WAIVED BE-
FORE JUDGE NEWCOMB.

MOTION FOR THE APPOINTMENT
OF A RECEIVER WAIVED BE-
FORE JUDGE NEWCOMB.
Many Stockholders of Company
Whose Business Was Destroyed by
Fire Present at Hearing Wednes-
day.
Judge E. C. Newcomb, of Scran-
ton, sitting in equity here Wednes-
day morning, appointed former
President w. H. Krantz of the
Honesdale Footwear Company, sole
trustee for the purpose of winding
up the business of the company and
converting the assets into cash, the
same to be distributed among the
stockholders of the company. He
was required to furnish a bond in
the sum of $4,000. The suit in
equity brought by Levi Penwarden
ct al, through his attorneys, Peter
H. Iloff and G. A. CARAT, for the
appointment of a receiver for the
company, was thus brought to a sue
ceSsful conclusion with the appoint
ment of trustee, rather than a re-
ceiver as this action will probably
mean a saving of many dollars to the
Judge Newcomb offered a mode of
settlement in which he suggested
that the plaintiffs drop their action
for he appointment of receiver for,
as he said, it was a very expensive
proceeding. He suggested that w.
H. Krantz be made trustee to wind
up the affairs of the company and
make settlement to the stockhold-
hrin 1,
their clients Attorneys Iloff and
Garratt agreed to the proposition and
said that the stockholders would be
glad to receive even $36,500 of the
amount due from the insurance.
The motion for receiver was waiv-
ed.
The proceedings had attracted con-
siderable attention in Honesdale
where most of the stock of the COM
pany had been sold, and many of
the stockholders thronged the court
room during the hearing.
The court made the following or
| der based upon the agreement of the
parties interested:
Now, to wit, May 2S, the motion
for the appointment of a receiver is
waived upon the following conditions
hereby made an order of court, by
the agreement Of the parties con-
cerned.
First-That w. H. Krantz be ap-
J pointed Trustee to wind up the bust
ness of the defendant company and
| to collect and take into his possess
sion, for the use of the parties en-
| titled thereto, all and singular the
assets of the said company.
| Snnnpd- with ro,ooo4 a. ~, -
insurance, he shall not compromise
the claims for less than the total
sum of Thirty-Six Thousand, Five
Hundred Dollars (S36,5O0).
Third-That he shall proceed with
all possible dispatch to collect the
outstanding claims, including the in
surance, and to convert the other
assets into cash.
Fourth-That he shall be entitled
to employ such attorney or attorneys
as may be necessary in and about
the collection of said claims and the
settlement Of the company's affairs,
at the expense to be subject to the
supervision and final order of the
court.
Fifth-That upon the collection
of the assets aforesaid and the re-
duction of the same into cash, he
shall account in due form of law,
in this court, subject to the right of
exception as in similar cases by any
party at interest, said accounting to
date from the time of the fire, to
wit, the 21st of February, 1913.
Sixth-That the term "assets" as
herein used refers only to personal
assets and not to real property.
Seventh-This order to be with
out prejudice to the right of the
plaintiff eventually to claim repay
ment, out of the funds in the ac-
countants hands, for the costs in
Cured in this proceeding, including
a reasonable counsel fee to be fixed
by the court or agreed upon by the
parties.
Eighth-This order contemplates
speedy settlement of the matters in
controversy and prompt accounting
thereafter, and for default in that
respect, upon due cause shown to
the court, the trustees shall be sub
ject to removal and the vacancy
thereupon to be filled by the ap-
pointment of some other person.
Ninth-This order to be effective
upon bond being filed by the said w.
H. Krantz, conditioned for the faith
full performance of the terms hereof,
in the penal sum of Forty-Five
Thousand Dollars ($45, 5,OOO), with
security or securities to be approved
by the court or a Judge thereof.