Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-08
CR|T|C|SES THE
PRESENT TRUSTEE
OF ED|SON|A CO.
Former Judge Heisley Charges
He Has Filed No Report
Since Taking Hold.

The administration of the affairs of
the bankrupt Edisonia Company was
severely criticised in the bankruptcy
court today by former Judge Wilbur
A. Heisley, now counsel for the
Gotham Clearing House, of New
York, $4,000 creditor. The Edi-
sonia Company formerly operated a
store at Broad street and Central
avenue and sold pianos and phono-
graphs on conditional bills of sale on
the installment plan. 1t was adju-
dicated in bankruptcy on November
IS, 1912.
Mr.. Heisley aimed his criticism
at the present trustee, Frank Long,
who was formerly receiver. The
former judge took the trustee to, task
for not filing any reports or letting
the creditors know where they were
at" The criticism was brought on
following wrangle over the collec-
tions on some of the Edisonia leases.
There hasn't been a report or an
accounting filed in this matter since
MI. Long was elected trustee" de-
clared Mr. Heisley emphatically.
TITS about time now something
was done. l tried to get some in
formation, and found it pretty hard.
Then l asked Mr.. Long for a report
OF What he had done. He gave me
an accounting showing that he had
collected about 5000, and. according
to his own figures, it had cost him
S190 to collect that 5000. The actual
disbursements he said were 5000.
Now, if that is to be taken as~ an
average of the general collections, we
better know 1t right now.
"Mr. Long has been tcustee over a
year, and there has not been single
accounting filed in this court of his
operations or the receipts lie has on
hand and the disDursem rents, and yet
his counsel, Pierce q Hoover, have
been allowed to draw $500 in counsel
fees from the estate We want to
know how much of the collections, If
any, are available and what it cost
to get them"
Bankruptcy Referee Edwin G..
Adams seemed to agree with Judge
Heisley in his statements, but de-
clared that the matter should be
brought up an another issue and
could not come up under the present
motion. However, he said Mr.. Long
would be instructed to file a report
and an accounting. Just then Mr..
Long entered the court room
II was just about to send you a
communication notifying you to
file a preliminary report and an ac-
counting in the Edisonia cater, Mr..
Long" said the referee.
''I want You to list the amount of
your collections and those you have
received from the outside sources, in
Guiding the H. P. Nelson Company,
the Jesse Frentch & Sons Company,
the tAfercantige Security Company
and Walter f. Austin, the collector
for the banks. Have that report and
counting in the Edisonia matter, Mr..
day, together with the disbursements
you have made.
Il can't have 1t ready by that time, .
said the trustee.
"Wen, I'll enter an order instruct
ing you to prepare and file it by that
time, and If you find you cannot, then
you let me know
The collection of the Edisonia' 8
leases has long been the bone of con-
tention among the attorneys for the
various creditors, and the matter has
been dragging for some time The col
lections have been hampered by the
fact that a large part of the leases
were duplicated and Implicated, and.
1t is alleged, money was borrowed by
using the triplicates and duplicates as
security for loans.
An agreement was reached today
whereby the H. P. Nelson Company
will specify just what leases it ex-
poets to collect on, and all the other
creditors will be obliged to refrain
from soliciting the payments on these
leases.