Weekly journal-miner., 1915-09-01


 closure of said mortgage or deed O
 trust, etc" The trustee knew tha the Development Company did no
 own the bonds, and he also knew tha the Development Company did no own or control the stock. There i. no possible chance for him not tc have known it.
 The trustee also knows he is moi telling the truth when he says, "The said Development Company caused all of said mining properties and said shares of stock to be sold under such foreclosure, and caused the said min ing properties to be bid in at such sale, in the name of Leo Go1dschmidt of Tucson, Pima county, Arizona, for the use and benefit of the said De velopment Company, or for the use and benefit of the said F. M. Murphy, the president and chief officer of the said Development Company, and as representing the stockholders and bondholders of the said Development Company" There is not the slight est justification for the plaintiffs dec laration that he believes and alleges there is some kind of an agreement between said Development Company and the said Murphy, as the president and chief officer of said Development Company, and the creditors of said estate, that said bankruptcy proceed ings should lie dormant There was a time when the Development Com pany, together with those owning and controlling the stock, bonds and claims against the Imperial Copper Company, were trying to refinance and rehabilitate said mining proper ties for the purpose of protecting to the fullest extent possible, all par ties concerned therein. There is ab- solutely no truth in the statement, that, "the said creditors did allow said bankruptcy proceedings to lie dormant,' and it will eventually be shown to the satisfaction of all con cerned, that had it not been for the unwarranted activity on the part of the present trustee and his counsel, the best results possible to have been obtained for all concerned, would have long since been realized. The tactics they have employed have re- suited in nothing more or less than delay and expense, involving annoy ance and loss to all concerned. Since the Development Company was not responsible for the selling of the property as charged, as is well known by the trustee, it is surprising beyond understanding, how such a statement could appear over the signature of the trustee and his attorneys,
 Under date of July first, 1915, over the signature of John H. Martin, Francis NJ. Hartman and Edwin F. Jones, it was stated that the Bankers Trust Company finally obtained a judgment and decree of foreclosure of its mortgage on December 2S, 1914, and also judgment for receivers certificates, which had been issued by the receiver, attorneys fees and costs, amounting to about $l04,000, which sum was made a first lien on .he property ahead of the lien of the mortgage, and all the mines and improvements belonging to the bank rupt were ordered sold to satisfy the Judgment. Is was also stated that the Bankers Trust Company proceeded to sell the property under its judgment, on March 3l, 1915, and that sale was made by M. P. Freeman, receiver and special master. Then followed ! description of the property sold. It vas also stated that an application vas made by the trustee to sell the equity of redemption in the proper ties sold subject to redemption, and that an application had also been made for an order that in case no bid or no satisfactory bid was re ceived, the trustee be authorized to negotiate for the disposition of this equity of redemption at private sale. The trustee has been industriously engaged every since trying to inter est some of the creditors to put up .he money that would be necessary, but so far has accomplished nothing in that direction All kinds of rep resentations and claims are being made by the trustee and his attor- neys, not in any sense justified, and doubtless for the purpose, as it would appear, of deceiving those whose in terests they are supposed to be rep resenting.
 It is claimed in the report above referred to, that some very large claims were filed before the referee, amounting to over a million dollars, on notes issued by the Imperial Cop per Company, and that these claims