The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-04-01
Adopted Strong Resolutions
FarOring Giliildnd Receivers

Al the meeting in 81. Louis Thurs
dav which had been called by the
chairman OF the creditors commit
foe OF the Gilliland oil corporation,
Jo,n NJ Atkinson, who has sought
IA. force the sale OF the Gilliland
nroperties. the strongest kind OF
resolutions were adopted, after a
full discussion, and certainly no
greater compliment could have been
naid TO Z. ]. Hurley and his CO.
receivers of the big concern.
The Gnliland Oil corporation has
outstanding common stock OF 4iO,-
GOO shares, no par value, and $4,000
shares Of preferred stock. the par
value of which is 500 per share.
The last appralsement, which was
I'm fully of last year, the assets were
estimated as being worth $40, 0,OOO,-
600, and now the oil men are put
ting a value OF between $16,00O.OOO
and S1S,OO0,000 on the Gilliland
holdings.
As an example OF what has been
done. the net production for Febru-
ary. 1929, after all royalties were
paid. averaged 1t,1O0 barrels daily.
This splendid showing was
brought out in the resolution, which
follows.
Resolution.
Be Il, Resolved by the creditors
Of the Gilliland oil company. in
meeting assembled in the city OF 81.
Louis, at the Planters hotel, at the
call OF John NJ. Atkinson, chairman
NJ the creditors committee, as fol-
lows:
First: That after full investiga-
ton we commend the action OF the
receivers in recovering the Loulsi-
ana and other properties owned by
the company and in their develop
ment OF the properties OF the COM
pany located in the states OF Louisi-
ana and oklahoma. and compliment
them upon their successful drilling
campaign in said districts.
Second: That we commend the
receivers in their efficient and eco
ROmical operation and management
OF the various properties OF the COM
pany and also in the policy that
they have inaugurated and followed
lu handling the estate.
Fourth. The creditors express
! satisfaction in the fact that the re-
/ ceiyersnip now controls properties
sufficient TO pay the creditors 100
cents on the dollar, TO retire pre-
ferred stock, and apparently will
leave an equity for the common
stock, when the opinion was freely
entertained at the time OF the orig
inal meeting OF the creditors that
the estate would never be able TO
pay more than so cents on the dol
lar 10 the creditors.
BE II further, Resolved that the
creditors are desirous for the pay
ment of their claims at the earliest
possible date, through sale OF the
properties or a reorganization OF the
company, but at the same time they
would look with disfavor upon the
Interference with the receivership
mat would complicate the matters
now pending unadjudicated in the
a courts or would cause them to sell
vine properties for an adequate
consideration. 1t Is the sense OF this
meeting OF creditors that we fully
lndorse the past and present policy
OF the recelvership and desire TO
Ieavo 10 them the matter OF the time
ot tho disposal OF the properties or
lne reorganization, with the express
SION, OF course, of our earnest de-
sire that the receivers proceed 20
10 this at their earliest possible op-
poftunlty. We suggest, however. IL
practical, that some form OF GER
uilcaies of Indebtedness be Issued TO
each Of the creditors evidencing the
amount OF Indebtedness allowed by
me receiver.
Re II further, Resolved that GER
ulled copy of this resolution he for
Narded by the secretary OF this
meeting TO tho clerks OF the various
courts in which this proceeding is
pending.