The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-08-25
REICHERT IN
PETITION FOR
BANKRUPTCY
Company Unable to Pay Debts
and Was Facing Two Sher-
IFS Sales Next Week
ASSETS ARE LISTED
Are About $4,000 Less Than
Liabilities, According to
Receivers Statement
ASSETS ARE LISTED

A~sASSS AASVAso
Receivers Statement
Fargo, Aug. 26-Ths Equity Co.
operative Packing Company has gone
into voluntarily bankruptcy follow
ing the filing Of petition here.
The petition was followed last
night by c. W. Reichert. president
Of tho company, who cites that the
company is insolvent.
The assets Of the concern are list
ed at $l42,573.6l with liabilities
placed at $l66,241.0l.
Immediately after Emerson H.
Smith, referee in bankruptcy, had
this morning adjudged the company
bankrupt, Harry Lashowitz. attorney
for the company served notice on
Louis Altenbernd Of Sabin, Minnesota
and the Gerlock- Barklow company Of
Joliet, Illinois, for the release Of
levies made within the last four
months.
Faced by q sheriff's sale scheduled
for Monday and Tuesday, August 2i
and %, to satisfy the levies made By
Altenbernd and the Gerlock- Barklow
Company, the directors of the Pack
ing company decided that the only
step open was to file petition in
bankruptcy.
Levies made prior to the appoin.-
ment Of q temporary receiver are not
vItiated by the receivership cese but
adjudication Of an insolvent company
a. bankrupt annuls all liens through
legal proceedings within four months
prior. to the filing of the petition.
It 10 said.
No Trustee, Named
No trustee in bankru) tcy had beer
appointed up to noon today.
The bankruptcy proceedings wilt,
supersede the receivership under
which the company has been operat-
ing, it Is said.
In the liability schedule filed tho
company lists @26,46S in taxes, 81, SIC
Of which 10 owing to the Unitst
States internal revsnue departman,
and the balance to Cass county fol
personal and real estate taxes for
1920, 1921 and 1922.
Creditors having mortgages asains.
the company are the Bank Of North
Dakota, 32,329.89; The Northwer,
Audit Company. $14,43O.Oo; Lewis ~.
tenbernd, $31, ,022.46 Gerlock- Bark
low company, $462.60. and Jack,nc
Brothers, Minneapolis, $6,62O. 90, maxi
ing grand total Of $84,S64.96.
There are unsecured claims to the
number Of 200 and certificates Of ir,.
debtedness, many Of them given e..
work done and for services rendered.
to the number of TIL, totalling $44,-
1923. There are wages due workmcn
to the amount of $802.76.
The assets schedule shows q total
of 100000 as the valuation placed OIL
the real estate, $19,231.55 on the per.
sonal property and $50, ,327.0O as debts
due the petitioners on open account.
Promissory notes due the company
are valued in the petition at $4,000.
Many Of these notes were turned
over to a Minneapolis company some
time ago for collection but such steps
| now will have to be recalled, it is
said. Notes on which collection was
sought totalled 100000. Most OF
them become due this fall.
Year Maneuvering
After nearly Q year Of maneuver.
ing in an effort to wipe out thu
company's Indebtedness and get the
plant in operation, the affairs of tho
concern are now thrown into bank.
ruptcy court for disposition. In
January Of this year Altsnbernd, ono
of the creditors, petitionsd Judge
Cole, then sitting in the case, for 1
receivership and at that time tenn,
porary receivership was granted. La
ter this receivership was dismissed
on stipulation Of all parties concern.
ed, the company deciding ct its an
nual meeting In January to wori
out its difficulties on program with
the approval and aid of business mer
in Fargo.
Subsequently in March anothe,
meeting was called to ratify the sal.
Of the plant to concern which wa,
to be known as the Fargo Packing
Company, q corporation organized
Under the laws of the state Of Mary
land by H. A. Emerson Of New York
At this meeting Mr.. Emerson mad
definite proposals Of purchase 10 tn
company and these were acceptel
Among the stipulations made va
that the new company would assum,
and pay off the Altenbernd deficieS
cy shipment and would meet all tn
then outstanding obligations Of tn
company. It was expected that tn
plant would begin operation thi
fall. Emerson proposed to give th
stockholders $760,000 worth Of con,
mon stock in exchange for stock the
\ then possessed but later. on his sec
J ond visit he changed some Of th
!; stipulations in this agreement An
agreed to give them = greater shar
1: Of stock.
i Deal Failed ~.
II During the summer the EmeNo
deal fell through, through the, neu
: appearance Of Emerson in Fargo |
pay of the outstanding indsbtsdnesl
j After Emsrsen's failure - con
; plets the negotiations Tor the PM
chase Of the plant contract ~
II made with I Minneapolis concern i
= collect the outstanding notss rive
J. BY stockholders for the purchass I
;. stock.
4 In July several stockholaess ~
(csatisved - fage q
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