The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-11-22
RECEIVER SOLD
BINGHAM COUNTY
NEWS SATURDAY
w. II. Parkhurst is New
Owner. The Creditors
Will Take>Heavy

Inc bluSuam COuuLy NEWS was
sold Saturday by receiver e. M. Ken
nedy, w. H. Parkhurst being the pur-
chaser. The sale was scheduled for
10 o'clock and the receiver had the
books open for examination showing
the financial and physical condition
of the property. These were open
to inspection from ten to twelve and
at twelve o'clock Mr.. Parkhurst's 8
was the only bid that was turned in,
this being sealed bid and the con-
tents not being open for publication.
Mr.. Parkhurst has not made any
statement as to what he will do but
the supposition is that he will operate
it temporarily at least. He has been
operating it as manager for the past
ten weeks and his statement to the
court indicated that the property had
paid little more than expenses for
the current peroid which did not in
clude the payment of taxes or other
things that are paid periodically.
There was on exhibit an inventory
of the physical valuation of the pro-
perty as stated by Mr.. Knight, the
former business manager and it to-
tailed about $4,000, tho the values
given in his list were grossly ex-
aggerated. Another feature of Mr..
Knights financial statements to the
receiver was that the total indebted
ness was only about $2500, whereas
the labor claims were more than
$4,000 and other claims for materials
of various kinds have since been
filed, totalling $10,SS4.82.> These
have been filed and sworn to and
are now awaiting payment by the
receiver out of the sale of the busi-
ness. Then in addition to that there
are stock holders whose claims
amount to approximately $4,000. The
bills receivable in the hands Of the
receiver, that is, bills for collection
by them from their customers,
amount to $1,000.
At meeting of some of the stock
holders held on Friday evening, they
requested the receiver not to sell the
property unless he receivd as much
as $500 for it, but Mr.. Kennedy is
quoted as having replied that it was
very doubtful about getting a bid
for the amount and that If he could
get bid sufficient to cover the la
Dor claims of $4,000, he would sell
it. The supposition is that the sale
of the property was at figure that
would just about cover the labor
claims. Leaving the $1O,S84.S2 of
other claims to depend on the bills
receivable, this $1,000 mentioned
heretofore, for satisfaction and these
bills are yet to be collected, the in
ference being that If they were all
good and they were all paid in cash,
there would still be $9,684.S2 of
debts unpaid and nothing to pay
them with. Adding to this the $4,000
already put up by the stock holders,
makes the total in the neighborhood
of $4,000 that will be a total loss.
Mr.. knight, the former manager
of the business kept representing that
the business was paying expenses and
that all he needed was little more
money to speed 1t up and get 1t onto
a profitable basis. In view Of the $15,-
900 indebtedness with nothing In
sight to cover it, Mr.. knights for
mer statements about it paying It's
way do not have SO much weight as
were some times accredited to them.
The supposition is that the heavy
losses were made when it was oper-
ating as a daily and that under the
more conservative management OF
the semi-weekiy, there is better
chance to make 1t profitable.
Mr.. Kennedy, the receiver, stated
that there was absolutely no chance
to pay the stock holders as their
claims could not be considered until
the labor claims and the claims for
materials had been disposed Of. The
stockholders are last on the list to
be taken care Of They paid more
then twice as much for the property |
than It sells for at this time, but
they have operated 1t for two years
and the wear and tear on the equip |
ment in that time was considerable. |