Lincoln County times. (Jerome, Idaho) 1911-1919, 1914-03-19
A Settlement in Sight
Bondholders. Soon to Come Into
Possession Of the North
Side Tract.
R. E. Shepherd, Representing the
Protective Committee Now
in Temporary Charge,
KUHN HOLDINGS TO BE SOLD

About as pleasing and interesting
bit of news as has been received on.
the North Side tract was that con-
tanned in a Pittsburg dispatch OF
Monday as follows:
An order was issued by Judge
Charles p. Orr in the federal court
Monday authorizing the sale OF the
American Waterworks & Guarantee
company. Attorney Hillary b.
Brunot was appointed master for the
purpose of conducting the sale and
approving the claims made against
the company.
The sale of the company will be
held on April Is. and II is thought
the reorganization committee VIII
buy the properties. AS officially an
nounced the reorganization plan pro-
vides for the formation of new
company. to acquire all the assets Of
the present companies except cash
and the shares of stock, notes and
the floating Indebtedness OF the fol-
lowing companies. Twin Falls North
Side Land & Water company, Twin
Falls-Salmon River Land & Water
Co., Twin Falls-Oakley Land & Wat
er Co., Sacramento Valley Irrigation
Co., and shares OF the California &
Idaho Co., and except such other
properties as the company may deem
desirable to omit.
The four irrigation companies are
to be turned over to the bondholder
protective committee. representing
the bonds OF those companies, and
s1,000,000 is to be paid to them
for the release OF the guaranty OF the
irrigation bonds by the American
Waterworks & Guarantee Co.
The money to be received by the
Irrigation Bondholders compan,
win be used for the development oi
their properties. and equity in the
properties will ultimately be divided
so that 81 per cent will go to thu
bondholders and 40 per cent to th'
new company.
The first mortgage bonds OF thu
California-Idaho company. whicl
are also guaranteed by the American
company. are to be exchanged for al
equal amount of the collateral trus
bonds of the new company.
The new corporation will be know
as the American Waterworks & Elec
trio Co.. and among other propertie
II will control are the West Pennsyl
vania Traction system, including tn
Hydro Electric Development in Yves
Virginia, the Great Shoshone & Twi
Falls Water Power Co., Southern Id
aho Water Power Co.. about 33, 90
acres OF land in California and 3
valuable waterworks properties.
Simultaneous with the appearance
of this dispatch came a message frol
Mr.. r. Il. Shepard. the representa-
tive of the bondholders, stating ths
he would arrive in Jermoe the frs
of the week Mr.. Shepard came
yesterday from Miner, where he ha
been inspecting portions of the mai
canal in company with Water Ma
ter Rinker, to whom he gave order
for some repair to be made.
While here, Mr.. Shepard was
consultation with Attorney Johnso
members of the Canal Users Assoc
alton and other of our citizens rel
tive to the taking over of the syster
While Mr.. Shepard could not gil
out any positive information regar
ing the final settlement, he assure
his hearers that there was every pc
sible indication that matters he
would be speedily adjusted along Il
same lines as has been heretofo
stated in these columns, and that Il
extensions would be granted to tho
who are improving their land.
He stated that the order of {
court for the sale of the property
the American Water Works & Qua
antee Co. has been awaited for sol
time, as this was necessary to the fl
al adjustment of matters. He al
stated that the necessary funds
the transfer of the property had be
provided, and that the coast W
clear for the bondholders to col
into possession of the tract imme
ately after the sale is made.
Mr.. Shepard goes to Boise tod
to place the matter before the GS
4 ernor and land board with requ
for a ratification of the actions
planned and II not called east by
telegram announcing the death
his father, he will return to Jero
a