The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1923-08-30
Trustee of Whittier Com
pany Asks Rebate of
$4,000 from US
BONDS ARE PAID OFF
Deeds Filed Today Release Real
Estate and Buildings From
Claims of Bond Holders.

The closing up of the bankrupt es-
tate of Winters Motors incorporated
went forward this morning when At
torney George w. Taylor, the trustee
in bankruptcy, filed with the clerk of
the circuit court release deeds cover
ing the $4,000 in Whittier bonds, and
it was announced that this money had
been paid into the Northwestern Loan
and Trust company for distribution
among the bond holders.
The biggest claim outstanding
against the company was the claim Of
the Federal government for taxes.
The total Of this claim was a little
over $58,OO0 and an appeal has been
made to the federal authorities TO
secure a reduction of the amount
claimed by the government in the
amount of $4,000. In addition to
this there remains claim of $4,000
for personal property taxes and this
will be paid with the closing up of
the estate.
On the ability of the attorneys
the trustee to secure a compromise
with the federal government on its
claims appears to hinge the POSSIBLE
unsecured creditors.
Much Has Been Paid.
The trustee has already paid claims
for taxes in the amount of 1000 and
an added $4,000 has been turned over
to meet the demands of laborers who
had been employed at the plant in
the last days of its operation. These
-
paid on the bonds to show the amount
of actual payments made.
The real estate is now ready to be
turned over to the purchasers without
any encumbrance of any kind as money
is in sight to pay other claims as
we'll as the claims of the preferred
creditors. Early in the bankruptcy
proceedings it was announced that
there Were preferred claims against
the company to the amount of near
ly S250,O00. "These claims have been
greatly reduced" said attorney Tay-
Tor this morning. "We found in some
cases that the preferred claims were
based on 'gentleman's agreements
rather than on specific pledges and the
total of the preferred claims has been
whitfield down to something like $780,
900.
Hopes for Federal Consideration.
I'VE are hopeful that the federal
government will show some considera-
ton to the claim of the trustee for a
release Of at least a part Of the fed
eral tax claimed Of this amount
S58, 000-twelve thousand dollars is
claimed as the regular manufacturers
tax and this, of course, is not con-
tested. Another $500 was assessed
as taxes on errors made in returns
and this must be paid. The tax of $751;.
900 claimed by the government has a
long story connected with it. 1t grew
out of stock transactions when Win
Their Motors sold to the Marvin COM
pany the right to manufacture trucks.
No money passed hands in the deal and
it. was a book transaction in which
Winthers took Marvin stock in lie
of payment. 1t is on the alleged profit
on this stock which at that time was
selling at eight or ten dollars a share
that the bulk of the government tax
is claimed. We believe that the gov
eminent can be brought to see that
there was no profit on this deal to any
one and that a part of all of the tax
claimed in this particula~ transaction
is released"
Plans Immediate Operation.
While formal plans of the purchas-
ers of the plant-the stock holders
mmittee-were not announced to
date, trustee Mccall declared that the
company taking over the plant planned
to resume operations Immediately. 1t
is said that a we'll known Milwaukee
manufacturing company will have an
interest in the development of the bust
ness of the new company. The COM
pany is said to have abundant fnan-
cial resources to carry out the plans
for operating the plant.
The personnel of the company has
not been revealed but it is expected
to be made public soon.
Insects DESTROY 40 million dollars !