New Britain herald., 1923-12-07
Bristol Nous
TO PROTECT ASSETS
 OF BRISTOL MFG. CO.
Stockholders Committee Points
 Out Dangers Of Forced Sale
MAY REORGANIZE CONCERN

Bristol Club Hears Tax Laws L>- plaincd-Red Gross Chapter Re
 elects OTiccrs-Daisy Sale for
 Benefit of War Veterans in Hospital i Improvement Of d special com 1 nittec tO protect equities in tn" Bris- tol Mfg. 70. which went into rcceiv- crship on July IS. is asked in let 1 that concern. Forms for the trans 1 mission Of power of attorney are en- closed in inc requesting letters and the American Trust company of this city, receiver of the company, is named as depository agent. This company will give out negotiable TO- ccipts for the stock and powers Of attorney, entrusted by the stockhold- ! CTS.
 i The receivers have been liquidat- i ing the company's assets for several months and those in charge of the work realize the loss a forced sale will result 10 the stockholders and may mean severe Cutuown for the common share holders. The spcCiaI protective committee in its letter as- sorts that tho equities Whirh exist in inc properties of the company can bcsl be preserved by ihc sale and complete liquidation of the Bristol properties and hy possible reor- ganization with tn" Plainvillc plant as q nucleus.
 The Bristol Manufacturing com- pany has been one Of the leading un- drrwcar companies of New England and has been engaged in that trade since January, 1858.
 About two years ago, business slump started the company into its difficulties, which resulted in the re- ccivership this year. The local plant was kept running as long as possible and shutdown for awniie, later 10 be rropencd. II has long been ono Of tho leading plants of the city and in Plainvillc, tho branch there, has been one Of that towns industrial main- stays.
 The letter 10 the stockholders in regard to protection of their interests follows:
 ITO the Stockholders of The Bristol
 Manufacturing Co:
 "rhc undersigned have consented to act as a protective committee for all the stockholders. preferred and common alike, for the following pur- poses:
 "fo secure cooperative action on the part Of the stockholders, so as 10 best protect heir interests either in liquidation or reorganization,
 "To arrange for putting into ac- lion through tho court or otherwise as may scom rSptdient. such meas urrs as WE believe would be ap- proved by all the stockholders and bre express their wishes.
 "liuuidation of accounts receivable and other qulck assets. have pro cecdrd far enough to lead us 10 inc opinion. hat ih" compist" liquidation Of all the assets nf inc company. eyyu ir fortunately accomplished in fayorabir markets would have at
 
 mon stock holders Hence. ii is our opinion that the equities. which seem to exist in tbo plants and equipment of tine company. can probably be hest preserved hy sale and complete liquidation Of tho Bristol properties. and by a possbl" reorganization with he Flalnville plant as a nucleus.
 "ln any event, we believe that the only way in which such equities as exist can p. amply protected is for this committe" to br empowered 10 act for all stockholders. and 10 ap- point q they deem ii necessary 10 do SO 30 liquidatiue agent Ir opportun- ity shUuid arise to mak" arrangements to operate inc I1aintille plant uudcr 4 fHfprabir organization. whereby common stocl. holders would be repre- Tented in proportion 10 thc equities existing, sucn an opportunity wt be- Iiry' should be immediately atHilcd of . and this could only bc done if the stock of thc company is deposited with a fully authorized committee. and q liquidatius agent. with fuil pow or tu u"gatiat" either iH rnorgauiEa- . ton or liquidation. Or roursr II oUuId ho understood. and Is SO stated . t1 the power of attorrsy attached. that no reorganization would Lc uu- deriakeH which would commit dfp0s- itiHE stockholders tU ans further cash ! , $ponditurr or t,strntut without . iurtbtr authorization
 ''Thr cummittr. would appreciate ih, stork holdrrs' opinion a- tn wh'fh- . 'r thr plan as outlined Shuulj h" ear rird ou' or vhrther at % Ia, orabIe opp purfrn3t. th, romrans H completely ii4tijIatrd ia ttw oC au the rir- and in order to dispos, uT llr'. assrts of th' corporation tU fHs rry best ad,artaa,. rr. asE that rr loo. ,mpowcrsi to H,t promptly for tha ard finer, is therefore ruCioss d roH,r of attorney running 'o fHa uuas rsiEned. or tg q ma 5otity Dt them tithsr far liquidation or re grEa rizatigr. and # Is requested that for tic purposes Of Hari8aiiou or re- yrga uiza-icn. as may seem htsf to this you Toruard yOur power gf attoruey aifh vouT stock ccrfir- rates. to ths Am'rican Trust com ..any. Bristol. Conn. Upon receipt O. hrsr certificates. th' Auprirsa Trust oTnuauy win issue neeotiabIs r"raip'z ,tf hope thst to expedite the work oF Hs rommjttte as much a= possible. o1 will ts prompt in making this de- soeit
 'T0urz fFsE5z-tIuIfv fF
 ERNEST T.. Bi- EWt-iI.
 "EUWaED V. MINE-
 MILES LEWIS TTsgk.
 "f'HAET.ES T. TEEATBWAY.
 FIERCE V. WEIgII. -Sf tf,.l holders T'rofsrffvs. tommIttsr.- .--