The Western news. [volume] (Libby, Mont.) 1933-current, 1933-09-28
Tells What
loanCO1npany
Considering
Article Explains In Detail
Plans for Reorganization
of Corporation.
ALL ARE OPPOSED
TO LIQUIDATION

AAA u ~ ALA ! AOAy
Recent information from Salt Lake
City is to the effect that . plan fo1
reorganization of the Western Loar
and Building company is about ready
to be submitted to stockholders and m
vestors and it is probable such plar
may be mailed out at any time.
Recently the Salt Lake Tribune COZ
tanned long article regarding what
IS being done for the rehabilitation Oh
this company. Although the article wa
published some time ago, 1t is reprinted
below because 1t will be Of interest to
large number of investors in the COM
pany living in these parts. The Trib-
une article follows:
John A. Malta, Utah state bank COM
missioner in charge of the centralized
conservatorship of the Western Loan
q Building company for the state
building and loan departments Of
Washington, Oregon, Utah, California,
Idaho, Nevada, Montana and Wyoming.
appointed Tuesday commission, rep
resentative of all interests, to complete
plan Of reorganization.
The commission, representing tn q
temporary stockholders committee, the
Utah state banking department. the d.
rectors Of the company and the bank
ing or building and loan departments
Of the other western states, was in
strueted to complete plan of reorgan-
Ization within two weeks Under the
building and loan law, the reorganiza-
ton plan, when complete in all details,
will be subject to approval and adop-
ton by the directors Of the company
and will be subject to approval by the
state officials before presentation to the
stockholders for acceptance.
Commissioner Malta and those in
charge of completing the plan hope
to make the reorganization plan effec-
tive by or before the end Of the year.
Msaahen Listed
Uniting In f1Iuement that expeditions
reorganization Of the company will best
serve the interests of the 25,901 stock
holders Of the $4,000, 600 company.
Commissioner Malia's authorization to
the commission to complete a plan OF
reorganization was approved at meet
ing Tuesday afternoon Of the Utah
banking department representatives.
the directors of the company and MEM
bers OF the temporary stockholders
committee.
Members Of the commission appoint
"a by Commissioner Malta to work out
The complete plan Of reorganization are:
Fl. l.. Mulliner, attorney for Com
missioner Malta as conservator. rem
resenting the Utah banking department:
Paul Il. Ray, Salt Lake attorney, rep
resenting the temporary stockholders
committee; r. W. Bailey, chief exami1-
ar OF the Montana banking department.
representing the banking or building
and loan departments of the other
western states, and w. w. Ray. Salt
Lake attorney, representing the direc-
tors OF the Western Loan & Building
company.
Cooperation Assured
The commission was authorized to
all upon investment stockholders, state
officials or directors OF the company
or suggestions, advice or information
n completing plan Of reorganization.
commissioner Malta announced that he
viii receive any matured or completed
plan Of reorganization for transmittal
o the commission.
The skeleton plan OF reorganization.
by the temporary stockhold-
RS committee and accepted as its own
,lan by the directorate of the company.
vas submitted to Commissioner Malta
md Examiner Bailey of the Montana
department. September 2, During the
last week the plan was submitted to
friend W. Richardson, California
building and loan commissioner, by
Malta. Mr.. Mulliner sub
nitted the plan to Judge John H. Car
y, Oregon corporation commissioner;
oscar Peterson, Oregon building and
oan supervisor; Ben Diefendorf, Idaho
commissioner of finance, and John w.
Allen, Washington's building and loan
Commissioner Malta and Mr.. Mulliner
eported that state officials of all states
avor reorganization of the company,
nd that all states are willing to Co
PNA 6NN. 1hG StdhG pllilldfS nave GA-
ressed their Willingness to meet on call
the Utah commissioner to consider
ne approving of complete plan Of re-
rganization just as soon as the plan Is
ubmitted, it was reported
Receivership Opposed
Commissioner Malta and MIR. Mullin-
r reported further that the state Of
cials have agreed to continue the con-
ervatorship of the company, without
tempt at liquidation Of the assets, I'M
j plan of reorganization is perfected.
nd to oppose attempts to liquidate the
assets through any form of
eceivership. Mr.. Mulliner announced
nat the action now before the United
tates district court of Los Angeles,
,hich seeks appointment Of federal
eceivership, will be contested
The state officials have also declared
hey will favor any workable plan Of
organization which will give equality
D all investors no matter where res
dent, the Utah banking department Of
icials reported. Legal advisers OF all
Continued on page 81