Norwich bulletin., 1920-03-27
AGREEMENT NOT COMPLETE
 IN G. l. w. SETTLEMENT

Attorneys interested in the settle | ment of the Groton Iron Works case | were engaged Friday afternoon in i New London in presenting an agree | ment to be submitted to the court. | Judge John H. Kellogg heard argu- ments on important phases of the matter at the morning session at the conclusion of which he directed that an order be drafted embodying the various agreements and conditions for the approval of the court. Attorneys immediately went into conference and were busy from Il o'clock until 1.30 drafting the order.
 At $40 in the afternoon the presen- tation of the order was deferred un- til two o'clock next Wednesday after noon. This action resulted following a de- lay of more than an hour awaiting the | typing of the agreement which had been somewhat revised and amended, and discussion as to the compensa- tion for the receivers and their coun- sel. Counsel for, the Morse interests and counsel for the receivers were far apart on the matter of compensa- tion. t
 The hearing which was adjourned from last Friday started soon after the beginning of the short calendar session Friday morning when the court was informed that there were one or two points on which attorneys l for the receivers and attorneys for the Groton Iron Works were not agreed.
 Attorney Robinson, counsel for the Groton Iron Works stated to the court Friday morning that all parties inter ested had gotten together to discuss the form of agreement for the return of the plant to the owners and there was a fundamental difference of opinion as to the manner of securing control. The receivers wanted an or der for the release and surrender of the assets to them while the Groton Iron Works desire an order in the form of a sale of the assets from the receivers to the Groton Iron Works, and the creditors committee take the same stand. Attorney Robinson said that the receivers order seemed to him questionable while the form sought by the company would protect the inter
 est of the creditors and the Groton
 Iron Works.
 II Attorney Christopher l.. Avery for
 the receivers thought that the credit
 ors would not be bound by an agree
 ment for the sale of the assets which
 the court might make. He did not
 think that the sale of the assets was
 fair, inasmuch as the plant had not | DccH OlleTeus lO' dtly DluuSrS. Il the
 court orders sale. of the assets. the
 proceeds would go to the court for
 distribution and there would be noth-
 ing to prevent the New Haven road which has a claim of s110,000 or any
 other creditor from establishing pref
 erence in which case the money
 would have to be taken from the pro- ceeds and thereby diminish the fund so that the creditors would not receive . the 20 per cent. cash payment. He suggested that the court make l an order returning the assets to tn,
 receivers. He said the receivers ar, , entitled to offer the plant for salt : and there is possibility that the, : might get better offer than that O the Groton Iron Works.
 Judge Kellogg interposed at thi l point to state that if the receiver 3 were satisfied that they could sell tn f plant to better adyanage there wa no need of continuing with the hear ' ing and that the present proceeding
 be halted there.
 Attorney Blodgett, counsel for tn l First National Bank of oston. one o :. the biggest creditors, said that h,