The rights of all_ presen: stocke holders. of the company, including preferred shareholders, "would be comed extinguished under the fan, Shares would be considered cancelled and shareholders would have no fur= ther claim against the company. Loan certificate holders and other jeucral lunseeured creditors of the company, whose claims amount to $3,010,184.55, would receive 35 per cent, of their claims, calculated as of June O, 1035, complete discharge of their claims, The plan was filed in the United States Court for China on December 9 by the Trustee of the company, Dr. George Sellett. Dr. Sellett, however, later received indications that another person or persons desired to make a higher offer under the plan and con= sequently on December. 27 this new offer was made before Dr. Sellett In the U.S. Court, "Meanwhile, the ori ginal offerers," Messrs, ills and Bourne, appeared in court on the same day and outbid' the new offerer by raising their original bid from $1,650,000 to $1,745,000 at which price they were awarded the tangible assets of company, subject to confirmation by, Judge Helmick.
'Yesterday's hearing was adjourned fu order to allow' the debenture holders time to fle a new plan of organization, Should the" plan be led Before Janvary 18 the hearing, will be resumed on that date, 1€ not will be further adjourned until not later than January 29, vidence of Assets Si Jost k's hi Aig a nce. Jast_woek's heath in the United "Sates Court for Chinn, Conection with the Feortanizalon of the Asia Really Ca, Feds Me: US.As fetlowing the sate of the oatts of the Company" fo Atesrs. Po Bile and Georse Bourne, Mi. George Selle, Srustee of the tae of the company, fled'n' motion pursuant to the' out of the buyers, whereby. "the urpension of the three' yenr ere, contained. in. provision 3. of the Feorganiition iam ie dette Provision 3, fonds as follows pa Standing Debentures: amount to 6530. Bi. Me Bebentire Brunt Beads pra vine anal security inthe event that the sive @¢ the security eld'
ice for Bebonure holeers (ake aim amount. The Plat stu provision of the Trust Dowd Company. shall make setnieanma inter ext payments in full om due. dates Judge Milton J. Helmicke heard ease and Mr. N, F. Allman represented a group of objectors to" the previously" submitted plan, from among the debenture holders and preferred share holders Yesterday's hearing, which lasted almost the whole day, was taken mostly by evidence given. by. ME. George Seltett and Mr. W. A. Adams, fon the company's assets, "The bearm was. then adjourned until January" 22, when Judge Hele mick will petite ait matters submitted until then, Messi. Harvey's Shipbuilding Works Ltd. have received the order to break tp TOMS, Mantis, sister ship to LEMS. Bee which they broke about one year ago.
Text read from the printed page and cleaned; old type leaves the occasional error.