Imperial Valley press., 1933-03-24
IN EQUITY
CONSOLIDATED CAUSE
No. S-125-J

RE1A1lRt IL OLAlMO Or
UNITED STATES OF AMER
ICA AGAINST PAN AMERICAN
PETROLEUM COMPANY, THE
RECEIVER OF PAN AMERI-
CAN PETROLEUM COMPANY,
RICHFIELD OIL COMPANY OF
CALIFORNIA AND THE RE-
CEIVER OF RICHFIELD OIL
COMPANY OF CALIFORNIA,
AND TO THE COMPROMISE OF
THE CLAIM OF PAN ANERI-
CAN PETROLEUM COMPANY
AGAINST RICHFIELD OIL
COMPANY OF CALIFORNIA
AND THE RECEIVER OF RICH
FIELD OIL COMPANY OF
CALIFORNIA.
In the District Court of the United
Sites, Southern District of Cali
fornia, Central Division.
THE REPUBLIC SUPPLY CON-
PANY OF CALIFORNIA, a COR
poration, Complainant. VS.. RICH
FIELD OIL COMPANY OF
CALIFORNIA, a corporation, De-
fendant.
SECURITY FIRST NATIONAL
BANK OF LOS ANGELES,
national banking association, as
trustee, Plaintiff, VS.. RICHFIELD
OIL COMPANY OF CALIFOR-
MA, a corporation, and WILL
LIAM c. McDUFFIE, as Re-
Ceiver of Richfield Oil Company
of California, corporation, De-
PENDANTS
WHEREAS, there has been filed
with this court on March 81, 1933
a petition of William C. McDuffie,
! as receiver Of Richfield Oil Com
pany of California, for an order ap-
proving and confirming Stipula-
| ton relating to the claims of the
United States of America against
Pan American Petroleum Company,
the Receiver of Pan American Pc
| troleum Company, Richfield Oil
Company of California and the
Receiver of Richfield Oil Company
| of California, which stipulation is
attached to said petition as Exhibit
"a and made a part thereof, and
was signed by counsel for the Re-
ceivers of Richfield Oil Company
of California and Pan American
Petroleum Company, counsel for
The Chase National Bank of the
City of New York and Bank of
America, as Trustees for the Pan
American Petroleum Company
bondholders, and Special Assistants
to the Attorney General on behalf
of the United States of America;
and
WHEREAS, said stipulation pro-
vides in part as follows:
"3. The claim of the Receiver of
Pan American against the Richfield
and its Receiver referred to in the
pending application for confirma-
ton of compromise thereof, shall
be allowed by the Receiver of Rich
field:
(a) In the sum of One Million
One Hundred Thousand Dol
lars ($1, ,100,00000) as a prefer
red claim against the unmort-
gagged assets now in or here
after coming into his possess
| sion; and
(b) In the sum of Two Mil
lion One Hundred Fifty Eight
| Thousand Five Hundred Dollars
($2,l58, ,500.) as a preferred claim
against the unmortgaged assets
now in or hereafter coming in
to his possession, or in lieu of
said Two Million One Hundred
Fifty Eight Thousand Five
Hundred Dollars ($2.158,5 100000
there shall be allowed a general
! claim to the extent of Fourteen
Million Three Hundred Ninety
two Thousand Six Hundred Six
and 30-100 Dollars ($14.392, ,606.-
30), at the option of the Gov
ernment; said option to be ex-
ercised within ten Q0) days
after sale of assets of Richfield,
subject to confirmation of the
sale.
q. The Government shall be
paid by the Receivers of Rich
field and Pan American out of
the proceeds of the sale of the
unmortgaged assets of Rich
field and Pan American the
and Five Hundred Dollars
($5.001 ,500), subject to the
adjustments upward and down.
ward as hereinbefore provided;
the Richfield Receiver to pay
Eight Hundred Thirty-eight
Thousand Dollars ($838O0O.),
as adjusted. of this amount,
and the Pan American Receiv-
er TO pay the balance. Said
sum of $5,001 500. shall be sub
iect to the following adjust
mentS upward;
(a) An amount equal to the
excess, if any, which would be
received as a dividend on the
claim herein before mentioned,
of the Government against Rich
field over $838.O00.0o;
(b) An amount equal to the
excess, if any, which would be
received by the Pan American
Receiver as dividend on his
claim, hereinbefore mentioned,
against the Richfield Receiver
over $3,258, 10000;
(c) An amount equal to the
excess, if any, of the proceeds
of the judicial sale of the un-
mortgaged assets of Pan Amer
lean over $525, 100000;
Cd An amount equal TO the
excess, if any, of the cash in
the hands of the Receiver of
Pan American at the date of
the transfer of titles of the as
sets of Pan American and Rich