Evening star., 1947-01-15
Williams Properties
Lists lis Bankruptcy
Assets at S1O8,512

| Out Of the maze of bankruptcy
assets and liabilities filed in District
Court by George H. Williams, Wash
kington veterans are awaiting word
of their chances of getting back
some Of the money they deposited
with the real estate man for homes
he didn't build.
Bankruptcy declarations filed in
District Court late yesterday for
Williams Properties, Inc, the real
estate mans corporation, conceded
liabilities of s263 ,283.31. and claimed
assets of $108,512.47. The lists were
filed by Robert w. Mccullough, VIII
liams' attorney.
Last Thursday, the attorney filed
lists for Williams personally and
the George H. Williams Co. that
claimed assets Of $320,S40.61, against
liabilities of $253,785.75.
In each, however, Williams
claimed interest in the partially
completed Gwynn Park project in
nearby Maryland as his principal
asset. In the personal bankruptcy,
he claimed the. development as it
now stands is worth $150,000. He
listed the project as 100000 as
set of his corporation.
Foreclosure Forecast.
A difference of $55 900 was listed
in the corporation declaration as
libility, for money obtained from T.
3. OToole, Inc, of Wilmington, Del,
to start Gwynn Park.
SAT the time the personal bank
ruptcy was filed, Williams con-
sidered williams Properties, Inc,
still a going concern. But he de-
Quoted the 5000 to file the cor
poration bankruptcy" Mr.. McCul-
Tough said.
| Austin F. Canfleld, attorney for
the Wilmington firm, however, told
reporter he intends to move to
foreclose a mortgage his firm holds
on the property as soon as possible.
Williams also listed as an asset
of his corporatian $500 as being
Que from the O'Toole firm. Mr..
Mccullough said the amount was
agreed on as work progressed at
Gwynn Park.
But the decision as to whether
the money would be advanced would
be entirely up to u.s." Mr.. Garfield
added.
S12.47 Deposited Listed.
Only other asset listed for the
real estate corporation was $12.47
that Mr.. Mccullough said was de-
posted in the Seat Pleasant Bank.
Most of Williams other personal
assets also are tied up in real estate
or debts the real estate man says
are owed him, the bankruptcy dec
larations show.
Williams left open the decision of
whether his former GI depositors
are creditors of himself personally
his corporation or both. Similar
lists of depositors were named as
creditors in both declarations.
Mr.. Mccullough said he felt the
veterans were creditors of both, ''be-
cause deposits were made to Will
liams personally, trading as the
George H. Williams Co., but the
money went into Williams Proper.
ties developments"
Lists S191,795 Claims.
Biggest liability of the corpora
ton, $191, 1856, was listed as un.
secured claims. Money deposited BY
the veterans was among thai
amount, Mr.. Mccullough said.
Other liabilities listed for the cor
poration yesterday included $15,-
427.5O. as wages due construction
workers; $730.96 as.sFederal illcome
1 taxes owed, and $329.29 for District
and Maryland taxes.
Meanwhile, John A. BreSnahan
District referee in bankruptcy, said
he would announce later this week
the date of general meetings for
creditors Of both williams and his
corporation.
At the meetings, creditors will
name either one or three trustees
to administer the assets.
At the same time, Samual M
Greenbaum and Louis H. Cohen,
receivers for Williams property,
yesterday fled a motion with Mr.
Bresnahan asking that the real
estate man also surrender insurance
policies or any other legal docu-
ments bearing on his flnancia
status.