The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1921-11-18
PROPOSE PLAN
To TAKE OVER
KNOX TIRE CO.
Group Of Stockholders Meet
Tuesday Afternoon And
Outline Plans
Resolution Adopted Calling
For Committee OF Seven
Stockholders


of commerce Tuesday afternoon, call
ed by group of stockholders of the
Knox Tire & Rubber Co. for the pur-
pose of presenting and discussing
plan,to take over, for the shareholders
of the company the property, action
looking to that end was taken.
The meeting was attended by ap-
proximately 100 shareholders, resi-
dents for the most part of Mt. Vernon
and Knox county, with some few from
elsewhere.
Speaking as an attorney employed
by certain stockholders to represent
them Mr.. II. G.. Devin presented in de-
posed to operate. In its essential
points this plan contemplates the rails
ing of sum of money, either by sub
scription of the present stockholders
of the Knox Tire & Rubber company,
or outside, for the purpose of dis
charging the debts that led up to the
bankruptcy proceedings. The persons
advancing this money are to be se-
cured by first mortgage on the COM
pany property. The debts being thus
secured or disposed of there need be
no further proceedings in the bank
ruptcy action and it>may be dismissed
and the property returned to the Knox
Tire & Rubber company.
If there shall be any reorganization
it is to be within the Knox Tire Il
Rubber company by the action of the
stockholders and not by the formation
of an entirely new company as is con-
NOTED by another group. The avowed
purpose of those actively directing the
group holding Tuesdays meeting is to
conserve the interests of all the com
pany stockholders. They assert there
are many in the company who have in
vested all their savings and cannot
possibly advance any sum additional
to protect or to save their investment.
Opportunity was given those attend
ling the meeting to discuss the propos-
ition freely. Many questions We're ask
ed with n view to clearing up points OF
which sufficient clearness had not
| been given. 1t Is said that participa
tion IN this discussion was quite gen
eral.
The result of the discussion was the
final adoption by unanimous vote OF
the following resolution:
Whereas, The Knox Tire & Rubber
Company has been placed in the Bank
ruptcy court:
And Whereas, at this conference oI
n group of stockholders, it Is consd
cred that the assets of the company
exceed all liabilities, and, If the prop
erty of the company is saved from
sacrifice, that there would be sub
stantial equity for stockholders:
Now therefore be it resolved.
That committee of seven (7I
stockholders be selected and appoint
ed by this meeting for the purposes
and with authority, as follows:
(a) TO select and appoint five (5
persons, whether present stockhold
ers or not, as Trustees, with the du
ties and powers hereinafter mention
ed, and to determine their compensa
ton.
% To receive contributions from
stockholders, for payment of expens
es, with authority to use and disburs
same at their discretion.
(c) TO employ clerical assistance
and legal counsel, as the committe,
deems necessary and advisable, bu
not to create obligations beyond tn
amount of the contributions for eX
penses.
BE II Further Resolved, That tn
five CD Trustees, hereinabove provid
ed to be selected be authorized an
empowered as follows;
% TO raise fund by the volur
tary contributions OF stockholders
aud use and administer same as here
In directed.
(2) The fund to be used to redeer
the property of the Company fror
bankruptcy and, II possible, to have
placed in the hands of said Trustees
or a person or persons of their sele'
tion for administration,
CD If, and when, said property
In the hands of said Trustees, or IA pc
son OF their selection, 1t shall be hel
and disposed of for the benefit of tn
present stockholders as their bon
fide rights and interests may appea
(D The contributors to the fun
shall, however, be given lien upo
the property prior to the rights
stockholders, and in accordance wi,
the amounts of their several cont
buttons.
60 If, for any reason, the truste'