Evening star., 1939-06-02
100000 TO Be Paid
Montgomery Firm S
Shareholders
Building ond Loon
Receiver to Make
Distribution at Once

Immediate distribution of $4,000
to those interested in the dissolu-
ton of the Montgomery Building
and Loan Association will be made
by the receiver, Julius I. Peyser.
This was made possible by the
signing of All order in District Court
yesterday afternoon by Justice Oscar
R. Luhring. James NJ Earnest,
special counsel for Col. Peyser, the
receiver representing the A. B and
c shareholders, said that $800,00O
will be distributed in claims, but
that 100000 in cash will be dis
bursed forthwith.
District Court has permitted OBJ
jectors to the plan 10 days in which
to file their objections to the re-
celverS report and the proposed
distribution. The objectors repre-
sent $4,000, Mr.. Earnest said,
adding that the receiver has re-
served sufficient amount of cash
on hand to pay the objectors, in
case they prevail Should they lose,
he said, the money will go to those
who have already accepted the plan.
All those who have consented in
writing will get their money forth
with. said Mr. Earnest. Foundation
surplus certificate dividends total
ing S95,000 will be distributed to
those who have consented under
the plan, the receivers counsel
declared.
Majority Overwhelming.
Col. Peyser conducted a post card
referendum. in which an over
Whelming majority agreed to the
plan of distribution. the court was
advised. The holders of A, B and
G shares and insured savings ac-
counts will receive a dividend ap-
proximating 5875 per cent, aggre-
eating S305 050. Holders of founda-
ton surplus certificates will get a
dividend approximating 80 per cent,
totaling $50.
Under the court order signed by
Justice Luhring, the receivers re-
port and schedule of distribution
were approved and Col. Peyser was
hereby authorized, empowered and
directed to forthwith make distribu-
ton in pursuance Herewith to all
persons who have filed their con-
sent to the approval of the plan of
distribution.
Further, Justice Luhring's order
directed that the cause be set for
hearing on June Is at 10 am. ION
the matter of the approval of said
report and of the proposed schedule
OF distribution accompanying the
same, with respect to those persons
who are legally entitled to file ex-
ceptions thereto"
Other Provisions.
AT said time said report may be
approved as to all such persons not
filing exceptions and immediate pay
ment also ordered to them, reserve
ing in the hands of the receiver
the full amount of all claims of
those persons who may have legally
filed exceptions as aforesaid" the
order declared.
AS to persons filing proper excep-
tlons, the order provides that the
allowance made for distribution in
the schedule of proposed distribu-
ton accompanying the report of the
receiver will be regarded as va
Gated by the filing of exceptions
and the claims of such persons will
be heard afresh by the court or as
the tribunal may direct.
A further section of the order di-
rected that "the receiver shall re-
tain all dividend payments to any
person or persons indebted to the
association or receiver on any &C
count or against whom the receiver
asserts claim or claims, until the
claim. debt or matter be adjusted
or settled"