The Birmingham age-herald., 1915-03-11
TERRELL IS URGED AS' STANDARD HOME CO.. TRUSTEE BY DRYER.
Advises Against Any Sale of ClaimS-COurt Will Not Recognize Such Sales
 Made at Sacrifice

In the interest of the contract hold CTS and creditors of the Standard Hom, company, Judge E. Il. Dryer, referee in bankruptcy, has prepared | state
 ment explaining in detail the status oi the said creditors in regards To their claims against the bankrupt company He strongly advises against any sale
 of claims and states that the court viii not sanction any such sale made at a sacrifice Judge Dryer advises thai Robert A. Terrell. who was appointed as agent by the receivers the Birniing- lam Trust and Savings company be elected trustee stating the banking in- stitution is of high character and that MT. Terrell is thoroughly competent to act as agent.
 He states the assets of the company are considered good and that while it is impossible at this time to pre- dict what dividends will be paid cred- itors he gives it as his opinion that creditors who hold their claims will fare we'll
 The letter follows:
 gro the Creditors of the Standard Home Company:
 Enclosed herewith is form for proof Of your claim. The power of attor-
 ney is in official form and may be
 contract. but not your passbook should
 be attached; and the proof of claim sent to me for filing in this bankruptcy
 proceeding.
 T consider it my duty to give you
 the information. and make the sug- gestions. which follow:
 q. The petition in bankruptcy was
 filed February 22. 1915, and, adjudica : tion having followed, the status of
 claims against the estate is fixed as
 of that date. No forfeitures will resui;
 for failure to pay dues then subse-
 quently to accrue; but mortgage and other indebtedness to the bankrupt
 should be paid to the receiver and to
 the trustee when appointed, as if bank
 ruptcy had not intervened.
 "2. No specific sum is stated for proof in the form enclosed huc the facts are stated from whence the
 proper amount, in due time will be
 determined by the court and you will be notified.
 ''3. The Birmingham Trust and Saw
 ings company of Birmingham. -sla.. ;l
 banking institution and trust company of high character and standing, is the
 receiver of the court and is managins
 the estate of the bankrupt through a
 competent agent, MT Robert A Ter
 rell. As referee having charge of tho
 proceedings, I desire that the estate
 be handled so as to produce the most
 money; and that it be distributed to those entitled to participate as quick ly and with as little expense as pos sible. In my opinion, it is to the in- terest of the estate that the receiver be appointed trustee; and. if you con cur in this belief. you may express such desire by writing the name of the Birmingham Trust and Savings com pany in the power of attorney append ed to the enclosed proof of claim be- fore sending it in. You are not. how ever to consider yourself under any constraint whatever in this respect You may appoint any other, or no one as you desire. A trustee in bankruptcy is an officer of the court and you are not to suppose that your Joining in any such appointment places the trus- tee under any obligation to you. Il is his duty to resist claims in so far as they are illegal or excessive. No Necessity for Attorney "A. Unless your claim is contested there will be no necessity for you to employ an attorney; though you, oi course. may do so. if you wish. If your claim is contested, you will be notified by me and be given ample opportunity to emrloy counsel
 "5. The assets of the estate consist largely of mortgages, which are sup posed to be good; but the times of
 payment run over a series of years The court will not sanction any sale of the assets at a sacrifice: but will, through the trustee, try to handle
 them as an individual owner would Hence. creditors should be patient for results and take care not to seI, their claims to speculators Remember that whoever purchases your claim must, in the end. come here for reimoa :
 ment and he will not buy your claim unless he expects to make a profit.
 1t is impossible to predict at this time,
 even approximately, what dividends
 will be paid creditors: but I am in-
 formed in a general way, that the as-
 sets are of a high class and that cred
 itors who hold their claims until the
 administration is closed will fare well.
 "6. It will not be necessary for you
 to attend any meeting of creditors of
 which you will receive notice. though
 you may if you so desire It is neces-
 sary. however. that you make and file
 your proof of claim in order to par
 ticipate in distribution of assets.
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