The Birmingham age-herald., 1922-04-18
Roanoke Firm Purchases
 Bankrupt Properties of
 Birmingham Corporation
Emmet O'Neal Referee, Accepts Personal Offer of $148OOo Made by C. E. Mitchell President of
 Virginia Bridge and Iron Company

At purchase price of s148,0o0, the bankrupt properties of the Birmlng- ham Steel corporation, will be trans ferred to the Virginia Bridge and Iron company. Roanoke, Va, this morning at II o'clock before Emmet O'Neal. referee in bankruptcy. fol- lowing the execution of the sale by F. Fl. Cabaniss. attorney for the trustee, Zach L. Nabers, on the steps of the federal building at Ii 80 yesterday morning The purchasers alsos agreed to pay all salary and wage claims. voluntarily.
 c. E. Michael, president of the Vir- ginia Bridge and Iron company, which is capitalized at s1,500.000, with plnnts at Roanoke. Va, and Memphis, Tenn, was on the scene and made the accepted bid. Accom- panying him were l. B. Fishburn, vice president, and R. J. Meybin. general manager of the company.
 Organized 1918
 The Birmingham Steel corporation was organized and incorporated in March, 1918, In the state of Delaware. The Birmingham plant was con structed late in 1918 and 1913, at a cost of $922,O00. including the 90 acres of land, at a cost of s153, ,000; $780, .000 worth of machinery and equipment, and over $300,000 for rupt in October last year, and in February of this year, the offer made by the United States shipping board for the purchase of proper. ties at $143. 900 was not confirmed by | the court being termed inadequate. l officers in the original company were H. l.. Britain. New York city, president Frank W. Boykin. Mobile vice president, and George D. Brit tain. Mobile, treasurer.
 Lake Jones, s,SJackscnville. Fa., coun- sel for the shipping board for the southern district, was present at the sale to satisfy the purchaser with hts approval of the action.
 To Operate At Once
 The Virginia company will take | over the purchased properties and be- gin operation immediately in struc- tural steel work, car and bridge building, according to Mir. Michael. At the meeting before Referee l ONeal yesterday afternoon, officers | of the purchasing company: W. B. | White of the firm of TilIman, Brad ley and Baldwin. representatives fl the company, and MT. Nabers, trustee | of the bankrupt estate. and his at- | tOTHey, II. 1dDdnlSS, arranged IOr | the distribution of the purchase amount between those who have mortgages and other liens on the property.
 Order Confirmed
 | An order of sale was drawn ur and confirmed by the court, author | izing the trustee to execute a con veyance of the property to the pur- | chasing company upon payment oi | the sale price. This will be consu-
 mated at the meeting today. It wa,
 understood, in this connection, that after payment of the cost of admin | istration, secured and preferred claims, that little will remain for dis tribution among the common or un.
 secured creditors.
 The statement of c. Edwin Michael, president of the Virginia company. in regard to the nature and plans of that business follows:
 | Purchasers' Statement 'The Virginia Bridge and Iron com pany operates plants in Memphis and Roanake, Va. It manufactures and erects bridges and structural steel for every purpose. It will be recalled that the company furnished the struc- tural steel for the Jefferson County mank buildinf. the tallest office building in Birmingham.
 Recently 1t has furnished the structural steel for 31-story office building In Dallas. Texas. It Is build