Evening star., 1931-06-26
POST SALE HALTED
AS M'LEAN SPURNS
ONLY TWO OFFERS
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what Peyser's interest in the case was
other than q broker. Peyser said that
he also represented Mclean In per-
sonal capacity. Fraser broke into the
argument to say that Mclean had not
been informed of the change until be-
tween and o'clock last night. Thorn
said that Wilton j. Lambert OF the
trustee counsel had gotten copy of
the proposed contract with Hearst and
copy of the supplemental petition
yesterday afternoon for delivery to Nc
Lean. Lambert asked II Mclean had
been invited to the conference yeSter-
day Thorn replied in the negative, but
said that he had always conferred with
Mclean on every matter related to the
estate and he was always willing to
consult his Wishes.
Mercier then took hand in the COL
loQuy. He brought cut that the original
Hearst Offer which was rejected, and
the Lawrence offer, which was accepted,
both had been amended, with the result
that acceptance Of either would bring
about $500 900 more to the Mclean es-
tate than originally contemplated. The
original offers were for the assets OF the
pest. The amended offers were for the
stock. Mercier pointed out that the
Guardians were In full agreement with
the trustees on the sale to Hearst. He
added that it had been suggested"
that II the sale covered the assets Nc
Lean might make a net profita OF
81. 900 900 or $2,50o0,00o, while If the
sale covered-the stock, only the income
would 60 to MCLEAN.
He said, however, that he doesn't
think Mclean in his capacity as trustee
would want to grab of this money for
himself. I think he Is beyond that"
At this juncture Fraser arose and pre-
sented McLean's statement, which was
in the form of petition opposing the
sale.
Challenges Claim TO Veto.
The move came with startling sudden
ness. After Fraser had concluded,
Flannery arose and told Justice Adkins
that, inasmuch as the original plan to
sell to. Lawrence had been dropped and
that Mclean would not agree to the
Hearst offer, "there is nothing now be-
fore the court"
Flannery told the court that there
was no disposition on the part OF the
trustees to force the sale of the paper,
but he repeated statements previously
made that It was losing financial VEN
ture, that thousands Of dollars in i'm
provements would be necessary, that it
should be disposed of, but that under
the circumstances there appeared to be
nothing else to do but to abide by Nc
Leans wishes. g
Mercier, however, differed, declaring
that there was "a joker" in that section
of the will of John r. Mclean which
his son construed as giving him veto
power, and that as o matter o. fact the
veto power did not rest with Mclean.
Calling attention to the fact ths5 the
paper was losing money and that
money had been lost in the washington
g. Old Dominion Railway, Mercier said,
"the estate is in a very precarious con-
dition financially. Very shortly there
won't be any estate left"
Adkins Closes Sale.
He said that If it was McLean's judg-
ment that the paper should not be sold,
"his Judgment is not worth picSyune."
picayune."
Quinter, his associate guardian. asked
"if it Is possible that the court Is going
to let him (McLean) get away with It"
Justice Adkins said that the other
trustee was unwilling to press for the
sale in view of McLean's attitude, and
that he did not feel like pushing the
matter in view of this. =
The Judge also said that he doubted
If clear title could be had by any pur-
chaser in view of McLean's objection,
unless the tangle over the will we're
adjusted. F1annery and the guardians
made it clear that the bidders had done
everything to meet their ideas as to
terms and that they were simply
attempting to do their duty in ridding
the estate of q losing venture.
Justice Adkins then announced that
"there is not anything pending before
this court" bearing on the sale. He
said that the trustees and guardians
had done their duty and that Mr..
Mclean, like any one else, had q right
to change his mind"
Mrs Eleanor Patterson, editor Of the
Washington Herald, was at the hearing,
accompanied by counsel, Louis G. Cald-
well. Arthur Brisbane, Hearst writer,
also was present.
After Mclean left the court room he
was served with 10 summons, nine of
which were in debt actions and one a
restraining order in the suit filed by
Mrs Mclean to prevent him from car
rying on divorce proceedings In Mexico.
He had previously answered this action