Wachusett Mills creditors to receive full settlement
Creditors of the Wachusett Mills, who formed an assignment last March, will be paid in full. Mr. Smith is identified as the dominating figure, having paid other stockholders and investors. A sale of the plant is planned to ensure creditors receive the entire amount due, while recent business moves and patent royalties contribute to funds for settlement.
MENTIONED IN THIS ARTICLE
Wachusett
Smith
Facthe Corporation
Wachusett Mills
Metropolitan Steamship plan to reorganize and foreclose sale
The Metropolitan Steamship Company drafts a reorganization plan to sell the current company under foreclosure to holders of $2,509,000 five percent first mortgage bonds. A new company would take over assets and issue new five percent bonds at par up to $3,000,000. Excess over $2,540,000 exchanged for old bonds will be reserved to settle contested debt as determined by the plan. The plan leaves unresolved floating and contested claims, with portions affected by priority liens.
MENTIONED IN THIS ARTICLE
Metropolitan Steamship Company
John W. McKinnon
Assets Realization Company
George E. Shaw
Henry Hornblower
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