Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1926-06-26
EDITOR MITCHELL
SPEAKS IN STAUNTON
Continued From Page IL

others to the Egyptians and drew a
vivid illustration of his treatment
at the hands Of certain X. of p.
brethren. He announced that he was
again in charge of the Mechanics
Bank building. He read the follow
ing letter from counsel:
To the Depositors Creditors Commit
tee of the Mechanics Savings Bank,
Richmond, Va:
In compliance with the request of
your chairman to report previously
my action in this matter, beg to adj
wise that when your committee en-
ployed me to represent certain of the
depositors and creditors in this mat
ter that there were two suits pending
in the Chancery Court of the City Of
Richmond. The receivers had filed
with them an offer of S60,00O.OO for
the sale of the Mechanics Savings
Bank building and the three resi-
dences adjoining it, which the receiv-
ers were asking the court to accept.
Your committee thought that this was
too low a price for this real estate
and employed me to object to the
acceptance of this offer. In conf nc-
tion with Hon. Leon n. BaziIe, at
rorney, and assistant Attorney Cen
eral of Virginia, who represented GER
tain of the creditors. We filed petit
ton on behalf Of the creditors repre-
sented by your committee and by Mr..
Eazile objecting to the sale. In that
petition we also asked for a decree
of reference to commissioned in
Chancery to ascertain who the
creditors were, the amounts due each
of them and all the liabilities and
assets of the bank and the order of
the priority of their payment, if any.
Objection to, Sale.
The objection to the sale and the
decree of reference was argued by
Mr.. BaZile and myself and the court
sustained our objection to the sale of
the real estate at $60,000.00 and
ordered decree of reference in
which it brought all of the creditors
before the court and commissioner
and ascertained the amount due each
of them and had the commissioner re-
port showing the amount due each of
uhem and the value of the assets.
When that report was later filed and
confirmed the court then ordered the
buildings on our motion to be resold
with an understanding that your COM
mittee would start the bidding at
$60,000.00 in order to prevent the
property from bringing a less amount
than the receivers had offered The
committee did this in its efforts to
make the property bring the highest
price it would and the real estate
was advertised for sale accordingly.
Grand Lodge Representatives.
Before the sale was had. however
Messrs. w. II. G. Brown and J. r.
Pollard, attorneys, claiming to repre-.
sent the Grand Lodge, Knights Oh
Pythias of Virginia, agreed with me
as attorney for your committee that
when this public sale was had that we
representing your committee anC
Brown and Pollard representing the
Grand Lodge would bid on this prop
erty. The final understanding being
that would appear at the sale repre-
senting the creditors committee anc
Pollard would appear at the sal,
representing the Lodge, and that w,
would run the property up and il WI
bid the property in that the Lodg,
would become joint owners in tn,
property along with the creditor
represented by you in proportion t,
the mount of the debts due to then
by the bank. The sale was had an,