Evening star., 1947-01-10
Meeting Of Creditors
Waited as Williams
Assets Are Listed

CT creditors Of George H. Will
liams, bankrupt real estate man who
took their deposits on homes he
didn't complete. today were awaiting
notice. of a general creditors meet
ing, following declaration of VIII
hams' personal financial status.
Robert w. Mccullough, attorney
for the real estate man, filed lists
late yesterday in District Court that
placed Williams assets at 1920, ,840.61,
against liabilities of $253, ,785.75.
John A. Bresnahan, District bank
ruptcy referee, said he would issue
Today notice of a general hearing
to all creditors as soon as he could
have the notices drawn up.
The statements, which listed $50
creditors, related only to Williams
personally and to the George H. Will
liams Co. Mr.. Mccullough said the
two lists are Identical. Lists for his
real estate corporation, Williams
Properties, Inc, are due to be filed
Monday.
While the veterans were not sep
arated in the list of general creditors,
Mr.. Mccullough quoted Williams as
saying that los former GIs were in
the statement. A check, however,
revealed 189 creditors were listed
as "depositors."
In spite of the sizable assets
claimed the statement showed most
are tied up in real estate or debts
Williams said are owed him.
The largest asset he attributed to
interest in Williams Properties, Inc
According to the statement, he
valued the Gwynn Park project in
nearby Maryland as it now stands
at $150,000. Mr.. Mccullough said
that figure was quoted recently by
an appraiser.
He listed $4,000 worth of interest
in other real estate projects. They
included:
Old Wheeler Farm near La Plata
$4,000; seven and a half acres OF
property purchased by Mr.. McCul-
Tough near Cheverly, Md, $1,000;
lumber yard at Marlboro, $40, 800;
Riggs Mill Manor, $4,500; the Oak
ton property near Brentwood, $2,500
and timber rights on an 890-acre
tract in st. Marys County, Md.
$4,000.
other assets include $4,000 in
other personal property; $67, ,023. SO
for debts due on open accounts"
and $50 which he said was deposited
in banks elsewhere.
Mr.. Mccullough said the only
thing Williams was claiming is the
$100 allowed him under law and
personal clothing-said to be valued
at about 5000.
On the other side of the ledger
debts ran from $4,000 owed in Fed
eral taxes to $2.29 for a gas bill
In between, there were expenses OF
$35 for flowers, $29.46 for milk, SIS
for Board of Trade dues, and others
for school tuition, stationery and
telephone service.
The statement showed that
money owed to general creditors
including the home depositors, to-
tailed $210,309.27.
williams listed $15,261 as money
due to 81 statesmen in Commissions
At the same time, he claimed "a
statesmen had overdrawn commits
sions to the tune of S11,684. Mr..
McC cCullough explained Williams al
lowed statesmen to draw advances
that were to come out of future
sales commissions.
The statement showed Williams
owes $7,75070 to the Seat Pleasant
Bank in Maryland, and $8,216.28 to
Leo j. Naughton, cashier of the
bank. 1t contended, however, that
the debts are secured by joint mort
cages totaling $35, ,98723.
williams also claimed no assets
for a home he listed at 103 Everett
street, Kensington, Md. Mr.. McCul-
Tough said Williams Is buying the
home under contract of sale with
his wife as tenants by entirety =
and it is not involved in the bank
ruptcy.