The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-10-09
MONASTERY AT
RICHARDT0N IS
HELDBANKRUPT
Involuntary Petition Filed in
Federal Court at Fargo,
Receiver Named
TO FILE SCHEDULES
Debts Asserted TO be More
Than One Million Dollars
BY Petitioners
TO FILE SCHEDULES

Following the filing of petition
in Involuntary bankruptcy in the
United States District Court at Far
go against st. Mary's Monastery, In
corporated, at Richardton, North Da-
kota, and the adjudication Of the
Monastery as bankrupt by Benton
Baker, referee in bankruptcy here,
the referee today named Wallace
Campbell of Bismarck as received.
and required that bond of $4,000
be filed.
The petitioners who filed the Pc
tition in involuntary bankruptcy in
Fargo are State Bank of Dresden,
Guy Humphreys of Minneapolis and
the Trondhjem Investment Company
of Minneapolis. The petitioners al
legged the Monastery had been in
solvent for a period of two years.
Following the filing of schedules
of assets and liabilities which are
said now to be in the course of pre-
paration by the attorneys for the
monastery, meeting of creditors
will be called. Attorneys for the
monastery, present when it was ad-
Indicated bankrupt, did not resist
the petition.
The petitioners alleged the corpor-
alton was indebted more than ST.
021 1000, much of which indebtedness
arose on account of money borrowed
by the corporation from various
corporations, partnerships and in
dividuals. The monastery corpora
ton, it says, had entered into many
business enterprises which, for the
most part, proved Improbable.
The assets Of the monastery cor
poration, the petition says, consist
principally of lands, school build
ings, receivables, books and the like,
all of which the petitioners in in
voluntary bankruptcy estimated, are
not of fair value of $4,000 above
the encumbrances.
What is Alleged
The involuntary bankruptcy petit
TONERS, in it's petition. alleged:
"That St. Mary's Monastery, Inc.
the above named bankrupt, town of
Richardton in the State of North
Dakota, has, for the greater portion
Of six months next preceding the
date of filing of this petition, had
it's principal place of business at
Richardton, in the county of Stark
and State of North Dakota, afore.
said, and owes debts to the amount
Of 81 200 and over. Petitioners al
legged that the said St. Mary's Mon
astery, Inc, is corporation organ
lied, chartered and existing under
and by virtue Of the laws of the
state of North Dakota. That during
the past two or three years the said
corporation has been largely and
principally engaged in various com
mercial enterprises. That out Of
said commercial enterprises the sale
large sums of money aggregating, as
your petitioners are informed anc
so state the fact to be, the sum Of
more than $1,021 600, much of which
said indebtedness has arisen on &C.
count Of money borrowed by thu
said corporation from various cor
porations, partnerships, and indiv'd
uals. That all Of said Indebtedness!
in the amount aforesaid, is wholly
unsecured. That the said CONNER
cial enterprises entered into by tn
said corporation have, for the most
part, proven Improbable, and tn
assets of the said corporation a
this time are, for the most part
intangible and of doubtful value
That the said corporation is nov
and has been for the past year o.
so wholly insolvent and unable t.
pay any of the obligations of it,
unsecured creditors. That the prin