The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-29
SIEGEL CREDITORS TO
TAKE$S26,OOO OFFER
Their Attorneys Will Rec
Ommcnd Cash settlement
Terms to Judge HOugh.
IL CENTS on THE DOLLAR
&85. 900 in Insurance Held
by Sicgel May Be
Levied Upon.
10 CENTS on THE DOLLAR

The cash settlement OF $4,000 for
the claims Of the siegel bank depositors
against the New York and Boston stores
and the reorganization of the Simpson
Crawford store will be recommended to
United States District Judge Hough to-
morrow at the final equity hearing on
the failure of the Segel enterprises. By
attorneys FOR both the mercantile credi-
tors and the bank depositors. who have
agreed to this disposal of their claims.
Joseph NJ. iroskauer. counsel for Henry
Melville. the bank receiver, said yester-
dav he had final assurances that the Simp-
son crawford store would contribute the
$500 necessary to make up the difference
between the amount compromised with
the Boston creditors and the original
amount allotted to them toward the bank
settlement. At the same time the central
committee of mercantile creditors OF the
Segcl stores. AT a meeting at the fHtn
Avenue Building, voted to approve the
offer OF so per cent in stock IN the
Simpson Crawford reorganization com
pany as settlement for their claims. Ed
win l.. Meyers is chairman OF this COM
mittee. which represents twelve assucia-
tons Of trade creditors, and us approval
he said. gives Joseph NJ. IIartheld. the
mercantile creditors counsel the neces-
sary 80 per cent ratification of the re-
organization plan.
1t was estimated by Jonn J.. Murray OF
Coudert Bros. attorneys FOR a large group
OF depositors, that they will get more by
taking the $4,000 cash settlement than
BY fighting out their claims against the
stores. The cash OFFER gives the deposit
tor abou l6 cents ON the dollar. OF
little more, after expenses are deducted
from the total fund thai will be divided
among them.
Another petition in bankruptcy is an
the calendar for Monday. however, in be
half of small group OF deposiior'.
Herman II. Oppenhem has filed II against
Henry Siegel A. CO. Wholesale. He fig
ures that the Siegel depositors will get
more by forcing a bankruptcy action. be
cause less claims against the Siegel con-
Germs could be proved In a bankruptc\
court than in equity proceedings. IL If
probable. though, that If Judge Houen
accounts the reorganization plans the
Bankruptcy proceedings, except thos.
against Sicgel and Nogrl as individuals,
will BE- dropped
II was said Yesterday that IL Henry
eiegel who admitted he had paid pre-
mums on $4,000 worth of insurance. held
the right to revoke the beneficiary Gin
this case Julia f. Siegel Cavendshl, the
policies could be levied upon to the extent
had borrowed $4,000 oil $4,000 Pru-
Dental policy, so it is thought likely that
h. has reserved the right OF revocation
One policy for $4,000 calls for the last
payment on April II. II is said that
about $4,000 might be realized by seiz-
ure OF his insurance.
Louis $. Levy, counsel for Siegel and
vogel. objected yesterday to having the
offer of s45O,0O0 cash and more in notes
20 the bank depositors for leniency To
the indicted merchants, considered as an
ultimatum to the District Attorney. He
would not say. however. that the Offer
had been withdrawn or where IL stood a.
. result OF Mr.. whitman's announced
determination to proceed with the in
dictments.
Word was received at william b.
nynges office that Frank f. Nogel would
BE- present at the bankruptcy hearing to-
morrow afternoon.