Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-07-06
OLYMPIC PARK
GOES into HANDS
OF A RECEIVER
Demands of Mortgages Forces
Action-PIace to Be Kept
Open.

Olympic Park. the summer resort
In Hilton, owned by Herman RI. A.
Schmidt. this afternoon went into The
| hands of n receiver in bank .uptcy.
following the bankruptcy peeion of
the owner il was explained this
action was taken to preserve the
property during the summer, when
Mr. Schmidt expects to realize enough
to satisfy all creditors. Alfred 3. Van
Lew, a local lawyer, was appointed
receiver, with authority to continue
to run the park. His bond is $4,000
In filing his petition through Bilder
& Bilder, counsel, Mr.. Schmidt esIi-
mated his assets at 1896, ,272.01, while
his liabilities aggregate S1l0,S24.55,
The bankruptcy proceedings 1alted a
sheriff's sale which was scheduled to
be held In the Court House at 2
o'clock this afternoon. The n art
gagees had instituted foreclosure pro-
ceedings against the park real estate.
THE petition In bankruptcy was
not filed because creditors were push
ing Mr.. Schmidt" explained Nathan
Bilder, of counsel. Most OF the cred
itors have been very generous. This
action was taken because Of the sher-
iffs sale which was to have been
held this afternoon. Up to 1880
o'clock this morning we hoped to
raise enough money to satisfy the
mortgages. Failing in that we filed
the bankruptcy petition, to restrain
the foreclosure sale and preserve the
assets. Olympic Park will not be
closed. The receiver will continue the
business for fifteen days under his
present order II is probable other
orders will be made extending the
time of continuing business. There
will be no interruption in the regu-
- 4
other amusements at the park"
The bankruptcy petition was filed
in the Newark branch of the United
States District Court Then the case
was referred to Refereee Charles NJ.
Mason for administration. The lat
ter, upon the application of Jacob l..
Newman, counsel for creditor ap-
pointed the receiver.
In the petition for leave to continue
the business Mr.. Newman pointed out
such a step was imperative. as the
land and buildings on the premises
were worth more than double the
amount of claims which the two mort
gagees hold. IT was shown also that
Mr.. Schmidt had contracted for the
production OF numerous operas at the
park this summer He likewise con-
tracted for concessions and other
amusements until Labor Day, stated
the petition, and under the care OF a
receiver considerable money could be
realized for the estate this summer.
w. J. Becker, OF Hilton, and Hugh
3. Reed, a local lawyer. are the two
persons holding mortgages on the
property who are said to have
brought foreclosure proceedings. Mr.
Becker's claim is for S21 ,0S0, while |
that of Mr.. Reed amounts to $2,S12. /
Referee Mason granted an order re
straining the sheriff from conducting /
the sale. This temporary injunction |
will be operative until July 10. On |
the latter date counsel will argue be
fore the United States District Court |
at Trenton as to the reason why the |
injunction should not be made per-
manent.
In his bankruptcy petition Mr.. |
Schmidt stated the ! secured claims |
against him were $5S.575.47. In addi- |
tion to the claims of Reed and Becker |
the secured liabilities are: Home /
Brewing Co., this city. $1S.440: G. |
kurz. Of Irvington, ss,413; Fidelity |
Trust Co, of this city, s1,62150, and |
James M. Beldon, 911 South Eight |
eenth street, $500 as three months |
salary due for managing the park. !