The Waterbury Democrat., 1934-01-31
CHANGES
 MAY TAKE PLACE
Beardsley and WOlcOtt Co May Not Be Operated
 in Receivership
WATERVILLE

There is a strong possibility that the Beardsley and WOlcott Manu- featuring Company may again change hands in the near future, thus bringing new factories into the management of this Waterville plant, which has found the going rather difficult during the past half dozen years. Judge Cronell of the superior court will hold special hearing at two o'clock on Friday afternoon of this week to act upon the recommendation of James R. Sheldon, the receiver, that advantage be taken of one or two or more offers recently made to purchase the plant as a going concern.
 The company has been in re- ceivership for several months past following a long period of financial difficulties dating back to the re- gime of Berbeeker and Rowland, under which name the plant was operated for many years as a suo- cessful industrial plant which of- fered steady employment to several hundred Waterville residents. Since the disposal of the plant to the Beardsley and Wolcott inter- ests @ few years ago the prevalent poor industrial conditions have not helped the situation and the firm was finally forced into voluntary receivership. During that period there was 8 number of radical changes in the management per- sonnel, as a result of which some faithful, long service employees and officials were replaced. These changes failed to help the situa- ton materially.
 Receiver Sheldon recommended that the plant be no longer operat- ed in receivership and that any reasonable offer for the plant as going concern be accepted. He points out that to dispose of the assets outright would entail a greater sacrifice than the stock holders should have to accept and that the transfer of the concern as an operating unit would save many people from being thrown out Of work.
 No official verification can be se- cured of the reports dealing with the proposed change, but 1t is said that the proposals call for a very definite plan of reorganization with the following features as def- mite proposals: (a) A substantial cash payment on account to the City of Waterbury on the balance of $55,000 now due in back taxes and arrangement for the ultimate payment of the balance. These taxes constitute the only preferred claim against the company. (D) An offer of a definite percentage settlement of claims of creditors of the concern. These to be SC. cured by mortgages or preferred stock in the new corporation. (c2 A guarantee of sufficient capital to insure the continuance or the company as 8 going concern. ldl A possibility of offering to present stockholders shares Of stock m the new corporation in proportion 70 the number of shares now held.
 Attend Church Unity Conference
 The three Protestant churches or Waterville. St PauPs Episcopal, Grace Methodist and Watervllle Union-were represented at the meeting of the clergymen and lay delegates which took place at the Waterbury club last night. The meeting had been called by John A. Coe, who presented 8 plan for a more constructive program for Wa terbury church of the Protestant denominations. The plan calls for the organization of a Waterbury Council of Church which will to greater or less degree control the Waterbury situation to attain greater efficiency of organization