Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1922-06-01
WHY PACKING PLANT LOST
9 MONEY

y. w. Rlchert was elected president
of the Equity Packing Plant at Fargo
a few months ago when the old Of
ficers resigned. Richert is now rum
ming some explanatory articles in the
North Dakota Farm Bureau News
Herewith are given some Of his rea-
sons as to why the plant didn't meet
the expectations of those who put
their money in it:
One of the problems which con-
fronted the new board was TO find out
what there was of the packing plant.
No invoice or list of property was ever
turned over to the new board except
an unsigned statement purporting to
show certain property in Duluth and
other outside points. Personal pro-
perty Of the company had to be dis
covered, so to speak, and the board is
still discovering. The list of notes
that could not be accounted for by
the examiners was something like
$65,000 and many OF these notes are
now coming to light or their where
abouts determined. Even the records
of the company were piled up in heaps
on the Office floor and store building
and it has taken great amount of
time and labor to restore them to the
use of the Board of Directors.
The notes of the company had been
farmed out to a firm of attorneys
and we could not get possession Of
them without proceedings at law. In
short the board had to fight for the
possession of the property of the COM
pany. Other actions will be neces-
sary to recover more property that has
been located. Just a week ago, the
board obtained the notes from the at
torneys and now have them in their
possession. Many suits have started
and many will have TO be tried but
the board will make every effort pos
sible to secure adjustments without
making any further expense to the
subscribers.
In notes and accounts the company
has over 100000.
Obligations of the Company
The obligations of the company are
very small compared to the assets.
Against the plant and the bills receiv-
able amounting to nearly 100000
there is an indebtedness of $4,000.
About $4,000 Of this is held by Louis
Altenbernd Of Sabin MINI, and about
100000 by the Bank of North Dakota.
Both have security. The balance Of
the Indebtedness is scattered among a
considerable number of creditors.
There is no one making any particu-
lar trouble about their claim except
Louis Altenbernd, who seems anxious
to foreclose his mortgage on the hous-
es and have them sold. The board
has offered additional security that is
ample to make his claim secure, but
at this writing nothing has been
agreed to. Other creditors seem
willing to give the board a chance to
pay the indebtedness and resume
business. Compared to the value of
the company's assets, the liabilities
are exceedingly small. Many lines of
business are being operated all over
the country that in comparison owe
four times as much as the Equity
Packing Company.
Indebtedness Can Be Cleared
The hope of the board is that those
who owe obligations to the company
will pay them or renew so that the
paper may be used as collateral. It
is also hoped that other stockholders
will take certificates of indebtedness
for such amounts as they can put into
the plant and the plant will be able
to give them collateral security for so
doing. If the stockholders will get
into the game the Indebtedness can be
wiped out with little effort and the
plant reopened.
As soon as the debts are out of the
way, there will be no difficulty in get
ting money for operation.
Foreclosure on Dwellings and Store
The Altenbernd mortgage foreclos-
ure on the dwellings and store build
ing is due to take place on May 20.
Mr.. Altenbernd has been offered addi-
tional security to carry the matter
over until fall, but there seems to be
well defined desire on his part or on
the part of his advisors to get the
property. His claim is for $4,000.
He has been offered 100000 in far
j mers' notes as collateral security if
the loan can be carried until fall I.
Whether he accepts or not will appear
in the next issue.
Execution Issued on Old Judgment
Mr. Altenbernd also has a claim
against the company of certain judg-