Norwich bulletin., 1920-03-22
FILES OFFER TO SETTLE
 WITH G. .I, w, CREDITORS

Groton Iron works, through the Charles w. Morse interests, which ] controlled the yard until it went into the hands of receivers about a/ year ago, filed on Saturday with the su- perior court an offer to its creditors in an effort to regain control of the plant. The offer is a sequel to the hearing before Judge John P. Kellogg in the superior court Friday, when the offer was submitted to the court by attor- neys. The filing of the papers is in accordance with the order of Judge Kellogg that a composite agreement between all the parties concerned be hled with the court for a hearing In New London next Friday morning.
 The papers set forth that the Groton Iron works being desirous of effecting the payment of all claims approved and allowed by the court and securing immediate possession of all its assets now in possession of the court sub mits the following offer to pay or se- cure the payment of all administration expenses of the receivership: to pay or secure payment ot all receivers ser- vice and preferred claims; to DAY in court sum in cash sufficient to pay 20 per cent. of all the unsecured claims of the creditors approved and allowed by the court except those held | by C. W. Morse & CO. Inc, which are
 to be, pursuant to the agreement of l the company, suborainated until after l the payment in full of certain notes. 1 The company also agrees to deposit
 with the court sufficient promissory
 notes for the remaining SO per cent. l or the said unsecured claims of cred l itors, payable without interest. signed by the Groton Iron works, as maker
 duly endorsed by the United State.
 Steamship Co.,. payable one-half in sir l months and one-half in 12 months from the date of delivery. and to exc
 clIte and deliver as security for the | payment of the notes a good and sui
 f1oient mortgage of the equity in tn, plants and machines now in possession
 of the receivers and to be delivered |, the Groton Iron works, which mort lsgage, insofar as 1t affects the Noanl
 rlant. shall be subject to the pro.
 visions of certain receivers certificate
 issued pursuant to the order of thi
 court and now held by the First Ma
 tional bank of Boston.
 The offer is made upon the followint conditions: That all assets, choses an, actions, claims and demands of what ; soever nature and kind, now in tn } possession of the receivers. he re ] leased and delivered to the GrotoI } Iron works; that the receivership b } terminated. except for the limited pur
 pose of ehecting this agreement. an that Frederick Conlin be retained a sole receiver and the entry and prope g orders to confirm and carry out thi
 offer.
 The c. W Morse O., Inc. of Ne-
 1ckr, parent company of the Groto
 Iron works. being the owner of unse 2 cured claims against the Groton Ire : works aggregating $1,150.25s1s. agree T that in consideration of the aceeptanc Il of the offer 1t will sign, execute an = deliver proper and sufficient subord - nation agreements of all it's claims l, accordance with the terms of the of, $ and that, being owner of 14,491 shar, e of capital stock of the Groton Ire T works. agrees to endorse the notes S. the Groton Iron works as may 1
 necessary to secure the general cret l. itors of the company