The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-05-11
Piersen Manufacturing Plant
Purchased by o. ID. Coils.
Was Only Bidder for the To-
peka Property as a Whole.
BROUGHT TOTAL OF S1O1, 900
Topeka Concern Is Sold at Re-
ceiver's Sale Today.
Piersen Files Charges of Col
IusiOn to Set Aside Sale.

The entire property of the PierSe0
Manufacturing company of Topeka
was sold to o. d. Coils, a Clinton, Ia,
manufa cturer, for $1O1, 900 at the re-
ceiver'S sale on the court house steps
this morning. The property brought
only $1,000 above the minimum price
set by the court. Coils was the only
bidder for the property as a whole.
In compliance with the order Of the
court, the property was divided into
six parcels, which were offered for
were TO be noted on each parcel, and
the entire property was then to be Of
fered in its entirety. If the highest
bid for the whole property exceeded
the aggregate of the highest bids for
each parcel, the property was to be
sold in its entirety. This IS what hap
pened. Mr.. Coils, S. E. Cobb, presi-
dent of the Bank of Topeka. and F.
f. Ginger of the Central National
bank, were the only bidders on par
GELS.
Bid $4,000 On Parcel One.
Coils submitted the only bid on
parcel 1, which included the lots.
tools and other paraphernaIia. His bid
was $50, 900. Cobb submitted the
only bid on parcel 2, which included
all raw and finished materials, 81 mo-
tors, all motor parts and all notes re-
ceivable. His bid was $4,000. Ginger
was the only bidder for parcels 3. 4,
and 5, which included all finished
transmitter parts, all letters patent,
drawings, applications, dies and pat
ents pertaining to the transmitter and
all finished transmitters, being
tWenty-SeVen in number. The aggre-
gate of his bids on the three parcels
was $4,000. There were no bids sub
mitted upon parcel 6, which embraced
six automobiles, mostly Fords. The
aggregate of the bids on the six par
GELS was $4,000.
Coils Bid 100000.
When r. B. Austin. receiver, Of
fered the property as a whole, Coils
promptly submitted a bid of $1O1,00
1t was sold. Five automobiles and
five transmitter stands were sold prior
cluded in the property at the receivers
sale The office furniture also was
withheld because a better price for it
could be otherwise obtained.
The sale of the Piersen property
this morning was the aftermath of a
long struggle to save the corporation.
The Chamber of Commerce made an
attempt to reorganize the company a
hands of the receiver in September,
1921 and there followed months of
litigation in the courts. Eventually
Judge George Whitcomb issued an
order of sale. Representatives of the
company sought an order from the
supreme court staying the sale on the
ground that conditions were not now
favorable to a sale, but the order was
denied and the order of the district
court was carried out this morning.
Wants Order Set Aside.
Edwin Piersen. president of the
company. Immediately after the sale
filed a motion asking that the sale be
set aside, charging collusion in the
manner in which it had been handled.
George -McDermott, former presi-
dent of the Chamber of Commerce
and an attorney for the receiver, issued
the following statement relative to the
motion to set aside the sale:
Il do not know whether any one will pay
any attention to any charges that may be
made by Mr.. Piersen or his associates.
especially when directed against such men
and Mr.. Kaths. The facts are year ago,
the Chamber Of Commerce tried to save
holders. In a very short space of time
nearly two million dollars had disappeared
pense, patents. personal expenses of the
officers. and the like. and there was no
the Chamber of Commerce / asked Colonel
Dean and Mr.. Austin to investigate the
matter They did as well as could be
known then what we later discovered, it
would not have been touched
cross-5nI to forecIose their mortgage.
Since October. every effort has been made
bS all of us to. find a bidder for the
for the reason. as we are advised, that an
other corporation might be floated.
THE charges made by him are hardly
worth denial There has been no collusion.
nor ANYTHING else Of the kind. The whole
matter has been as clean as a hounds
tooth. Every effort continuing until the
sale. was made to find the best bidder
Thousands of notices of the sale were sent
out. in addition to the publication 1t is
nonsense to talk about colluding on such
matter The receiver, Mr.. Austin. myself
and others have assured prospective buyers
OF the motor. wOrkmen and others. that
there would be n bidder at the sale. That
was true proper. and necessary. and that
is all there is to it,