The Bridgeport evening farmer., 1915-01-22
GRAND RAPIDS %. RESUMES BUSINESS
 UNDER NEW PLANS
Holders of 'sClub Accounts May Use Them at Full
 Value

si g i 1
 Reorganization of the Grand Ra- pids Furniture & Supply Go. of this city is ra pidly progressing and will soon be completed by acceptance of an offer of settlement made to cred itors in the United States District Court. The plans are to take care of all creditors throughout the state, a schedule of whom is now being made out at the local offices in this city. All creditors holding contracts be- low the value of $25 will be taken care ofsin full on the preferred cred7 itor plan, while those holding claims for amounts of more than S25 have already agreed to accept 8 compro-.
 mise. It is said at the eompany's office today, that the old directors and of ficers& of the Grand Rapids company have been wiped out and that the in. terests and accounts of the company have been taken over by Solomon Badesch, who will run the new bus 1 mess on a cash and credit system with an extended line of wares.
 It is planned to accept all club ac- counts formerly issued at theiH face value stapplicable to purchase.n In l other words those holding club ac-
 counts may now come to the offices of the company at any. time in the evening between 6 and 8 o'clock daily and until 10 o'clock Sunday night
 where they may properly prove their claims. before Attorney J. H. Better;
 or A. J. Merritt, counsel of record 1 for the majority creditors. When this
 has been properly done and the fig lures as carried on the books of the i Grand Rapids company are verified, 1 the holder of the old club coupon I may either use the amount as cash | to apply on a purchase or may be I credited with that amount on the 1sbooks of the new company.
 | Speaking of the change today MT. | Badesch said: .t1n the reorganization
 of this company We have new or ganization, new officers. new stock I and new money, and the plan will I.change from a club to high class cash and credit business, giving every 1 holder of contracts a chance to re- l deem them in trade at face value. l We will not restrict ourselves to I Bridgeport will accept contracts from l any section of the state. Our mer- | chandise creditors have seen fit to l accept our composition, for when we closed we had purchased $15O,00O I worth of stock,i andt had paid $12o,- 1 600 on it.
 .erhe present receivers sale". con tinued MT. Badesch, 'is for the pur- pose of securing actual cash to close | the bankruptcy proceedings, and as l soon as this is done we shall open up for a new lease of life with even more furniture in our storage ware | houses than we had before. This
 will be. good news for our contract j holders as if we had closed the bus liness they would not have received more than two cents on the dollar,
 whereas now they may receive their
 full payments applicable on any pur- l chase they may wish to make We shall have a full line of household
 furniture.
 ;. When Receiver Alexander De
 Laney accepted his duties, it was
 upon the condition that we prove to him from our books that we were
 absolutely .on the level.' We have now done so and through our At l torneys DeForest & Klein will make l the, composition within a few days.
 we therefore welcome all who
 hold contracts at our store that they
 may prove their claims and have
 them properly passed upon by the | bankruptcy court
 we shall continue in the business
 as one of the largest furniture
 houses in Bridgeport and with our opportunities of securing furniture
 and selling it at moderate prices look to become an established factor in the
 furniture trade of this state, in every
 city of which we will have our agents