The Birmingham age-herald., 1915-05-16
BIRMINGHAM TRUST
 NAMED TRUSTEE OF STANDARD HOME C0.
Well Attended Meeting of Creditors Held Yesterday. Expect Company to Pay
 Dollar for Dollar

Thes Birmingham Trust and Savings company were elected trustee of the Standard Home company at well attend ed meeting of the creditors of the bank rupt concern held yesterday before Judge I. H. Dryer, referee in bankruptcy. Rob ort A. Terrell. who has been acting as agent for the receiver. was unanimously indorsed and his retention requested us he has had practically entire charge of the affair of the Standard Home com pany since it went into the bankruptcy court. The bond of the trustee was fixed at s50o00
 Attending the meeting were quite a number of attorneys from other states representing creditors. The majority of creditors outside the state were repre- scented by Attorneys A. G. and A. D. Smith. the receiver and trustee by Till- man, Bradley X Morrow. and the bank rupt concern by E.. N. Hamll. The re- rort of MT. Terrell was the feature of the meeting many of the creditors rx- pressing their confidence In his ability to wind up the affairs of he concern advantageously and urged that he be re- tained as agent.
 Expect Dollar for Dollar Payment The schedules show the assets of the company to be in excess of $1 10000, and lia blities S1 ,o00,0 900, showing a balance of s4oo.O0o on the right side of the ledger. Those in close touch with the affairs of the company state that there is a strong possibility of the company paying It's creditors dollar for dollar at the final settlement.
 The following statement was made yes terday by Judge Dryer in reference to the case
 "The report made by Mir. Robert A. Terrell as agent of the Birmingham Trust and Savings company. receiver in bank ruptcy, gives a complete history of the case from the time the receiver first took charge, February g, 1915, to date, with reference to the amount of assets a nd liabilities as shown by the schedules filed. the report points out that the fig- ures shown on the schedules were. those taken from the company's books as of February 22 1915. and not values as esti- mated by the receiver
 'rhe schedules filed Show assets slightly in excess of $1, 400, ,O00 and liabilities slight ~@F''' lv. in excess of $1, ,000ot0. These assets con sist of notes of individuals secured by mortgages on real estate in more than 0 different states, notes Of indivlduais se- cured by other forms of collateral, partc- ularly by Contracts issued to the makers by the company, the makers of which reside in many different states real estate, mostly residential property. of a book value of about S276.000, subject to about s40,000 of first mortgage liens, ana other general assets
 MT Terrell states that he does not feel qualified as yet to give an opinion as to the value of these assets, and is unwilling to express definite idea with reference to values. but that he feels that persons interested in the estate will be very fortunate If they bring as much as s90o, ,0o0 to s1 1.000,00O
 Shrinkage of Assets
 s.The report calls attention to probable shrinkage in value of assets about az fellows: Accounts due from agents, over $6J, coo; Highland Garage company, over $50, ,OO0; real estate values not less than s5O.000; large amount on individual ae- counts furniture and fixtures, over $2o,- O00 stocks and bonds. $19.229, and con siderable percentage of the amounts se- cured by mortgages held by the estate on account of probable foreclosures, etc.
 The report also suggests that claims filed may be far in excess of amounts shown by the schedules. If the com pany's construction of the contract is not followed by the court the figures of $90o,- 900 due contract holders may be increased as much as S40.000. If persons with whom the company had made settlements and whose contracts had lapsed by their terms establish the validity of their claims, this amount would be increased still further.
 The report suggests that the ma aximum amount can probably be best realized by claimants if collections on mortgage in- indebtedness owned by the estate are made in the ordinary course according to the terms of the mortgages. These pro- vide for payments in small monthly in- stallments. running over a term of years and bearing per cent interest. The real estate can probably be best realized on by waiting for advantageous market con ditions The receiver therefore suggests that ir order to realize a maximum on their claims, creditors should be patient and expect dividends thereon in small per- centages over a term of as much as four or five years.' s
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