New-York tribune., 1920-04-21

To the holders Of certificates of
deposit of stock Of METRO
POLITAN PETROLEUM COR
PoRATION (OF VIRCINIA)
issued under deposit agreements
dated September l, 1917; February
a, 1918, or June z, 1918, re-
spectively.
Pursuant 70 the stockholders Joint De.
post Agreement. dated June T. 1913. Of
7Metropolitan Petroleum Corporation Cot
mittee created by va and @ under '.7 said deposit
agreement dated June 7. 1918. have pre-
pared and adopted plan and agreement.
settlement Of the affairs of Metropolitan
Petroleum Corporation (of Virginia). and
have deposited copy Of the same with
said Committee and with the depositary,
Mercantile Trust Company. 115 Broadway.
New York City. and hereby give notice OF
the deposit OF the same. and submit the
following brief resume OF tho terms and
conditions of said plan and agreement OF
reorganization settlement:
The controversies between the Metropoli-
tan Petroleum Corporations Of Delaware
and Virginia Hereinafter called respective
" ~, the Delaware Corporation" and the
.virg5nia VI :, ri CorpoTation1. on the one hand
Island on and Transport Corporation
Hereinafter called Island Corporation")
with ali litigation arising therefrom. have
been adjusted by an agreement of settle
ment dated April IA, 1920 which has been
approved by said Committee and by the
respective Boards of Directors Of the Della
ware and Virginia Corporations subject
to the approval OF the stockholders Of the
Delaware and Virginia Corporations. BY
the terms of said agreement Of settlement,
the Delaware Corporation Is to confirm to
the Island Corporation the ownership OF
all properties heretofore conveyed by 1t to
the Island Corporation. and also is to
transfer to the Island Corporation any
other rights that it may now hold directly
or indirectly in the Republic Of Mexico
All outstanding debentures OF the Delaware
Corporation are to be cancelled and re-
leases are to be exchanged. Under the
settlement the stock Of the Delaware Cor
poratfon will be surrendered to one of the
parties with whom the settlement is being
made. and the Virginia Corporation will
receive five hundred and twenty five thou
sand (525, 000) shares OF the stock sOf the
Island Corporation represented bySvoting
Eaat shs nd after of all
incurred by the Virginia and Delaware Cor
porations 1t is expected that there will re-
main for distribution among the stockhold
ers of the Virginia Corporation five -sixtht
(5-6) of a share Of the stock OF the Island
Corporation, or voting trust certificates
Virginia Corporation In the event of the
consummation of the settlement 1t is pro.
posed to take immediate steps for the dis
solution of the Virginia Corporation and
the distribution Of the stock OF the Islano
Corporation to the stockholders of the Vir
ginia Corporation upon the foregoing basis
such exchange will be given by advertise
ment. 1t has also been arranged. in the
event Of the consummation Of the settle
ment. that the Metropolitan interests will
have representation upon the Board OF the
Island Corporation.
Pursuant to the said deposit agreemen,
dated June Z. 1913, notice is hereby giver
OF special meeting OF the depositors un
der said deposit agreements. to be held al
the Merchants Association Assembly Hall
Room 942. 233 Broadway. Borough Of Man
haitian, New York City, on Thursday, Apri
20 1920. at IL o'clock noon. at which meet
ing the said plan and agreement Of reor.
ganization or settlement will be submitted
to the depositors for their approval.
Dated Ne'o York City, April 20. 1920.
CHARLES G. MATCHETT. Chairman.
HOWARD WILSON,
DAVID u. PAGE.
DWIGHT e. POTTER.
RICHARD NJ. RUSSELL
Committee.
STANCHFIELD & LEVY, CHADBOURNE
HUNT & JAECKEL HOLMES. ROGERS
CARPENTER. Counsel.
AUSTIN AGNEW, Secretary, III Broad
way, New York City,