Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-10-03
CONCLETON'S DEBTS
over A MILLION
With Assets About Half, Accord
ing 10 Bankruptcy Petition
At Lexington

are interested III the detailed re-
port OF bankruptcy proceedings
OF Lee Conglcton and Sons. rs
, filed i'll the Federal court at Lex
ington late last week. The Leader
gave the story as follows:
/ Lee Conglcton and Sons. a part
nership firm. and Lee Congleton,
Claude CongletOn and T.. W. Con
gleton. as individuals. filed a vol
untary petition in bankruptcy in
the United States district cour,
here Saturday.
The to.al liabilities oi tho firm
and tie individuals composing the
firm were given as Sl.l27.lNl2.
with total assets OF $53l 2l+.
The liabilities are composed
largely OF Indebtedness ON farm
. ing lands. coal lands and other
real estate. while more than one
hundred banks. firms and individ-
',ial> are listed a. creditors OF the
firm of some one OF the individu-
ais composing il.
The petition in voluntary bank
ruptcy followed the filing las,
week of petition in the l'avcttc
-irCuit court asking for a receiver
Tor the firm of Lee CQnglcton and
Sons The court named thc Sc
cur;ty Trust Company a. temper
1rv receiver with authority to
take over the administration of
The firms affairs.
In an introductory statement to
the pc ition Ia Federal Judge A.
NJ. !. Cochran tu bc adiudgcd
bankrupt under the national bank
rupt laws. the petitioners say the
iirm and individuals owe dcbt~
which they are not able to pay IL
full. and that the firm and each
member of ii are willing 10 sur
render all property for the bcnc-
tit Of creditors. except such a. i
exempt by law.
The petition covers forty or
fifty pages in which the liabilities
and assets are scheduled i'll item
izcd schedules. one for the firm
i;i-l one each for the three mem
bcrS O>>the firm.
The summary of the firm
schedule gives the liabilities at
$595O05.S0 with assets Of SlS4-
275.
Claude Conglcton's Individual
schedule gives liabilities at t$l92.-
S9S and assets at S4SI45. =.
L. w. Conglcton,S liabilities arc
listed at $3.50. .2SS.32 with asset
of S2l.5O0.
The liabilities OF Lee 6unclc-
ton. senior member ui The iiri1:.
are given at Sl5S.9+5. and his a
sets at SS26.0S5.
The petition was prepared ana
filed by Martin T.. Kelly. counsel
for the petitioners.
.Among the larger creditors are
the following:
Fayctte National Bank. Lex
ington. S35.OOO: Security Trust
Company. Lexington. SS5OOO
Citizens National Bank. Ricl,-
mond. SlS.000: Southern Natioua,
Bank. Richmond. SS.2S5: Madison
National Bank. Richmond. $1,000
State Bank and Trust Coupan,
Richmond. $1,000; Mutual Ben
eft Life Insurance Company. of
rNcw crScYJSll.0O0: Mrs. Nancy
, tEOattS. Favcttc county. 81 .OOr :.
Luther Davis. I'avcttc county.
$4,000: Mrs Eta B. DcLong.
Faycttc county. $4,000: Level
lvn Sharp. Paul T.. and !. +.
Shippe. I'ayettc county. several
thousand each. besides scores OF
smaller creditors.
This action on the part of the
lirm will supercedc the litigation
pending i'll the Fayette circuic
court and will insure that all Gre
ditors will share equally in tn.
! final settlement of the firms al
fairs. The petition will be refer
rcd To William Wortfington. ref
Gee i'll bankruptcy. for this juris-
diction. In most cases OF bank
ruptcv proceedings a trustee j.
appointed to settle the affairs OF
petitioner. but the amount oi
money involved and the tangled
, condition of the firms affairs
may cause of the firms creditors
: to petition the federal court for
the appointment OF receiver to
wind up the affairs Of the firm,
and the individuals composing il
counsel representing some of the
largest creditors said Saturday.