Indianapolis Times, Indianapolis, Marion County, 14 July 1937 — Page 5

WEDNESDAY, JULY 14, 1937

TIME EXTENSION FOR STUTZ FIRM

GETS APPROVAL

Chancery Waster to Ask Reorganization Plan Date Be Advanced.

Albert Ward, Federal master of chancery, today said he would recommend that Federal Judge Robert C. Baltzell grant an additional 60-day extension in time for the filing of a reorganization plan by the Stutz Motor Car Co. of America. A company creditors’ committee in a petition for intervention filed yesterday, asked for extension of time until Sept. 15

The committee is composed of |

Homer H. Davidson, E. A. Thornton, and Charles S. Thomas. Claims totaling $125,000 are owing committee members, they contend. In the intervention plea and request for a time extension the committee said: “Negotiations are still pending betwen the debtor and its counsel and financial interests respecting the furnishing of capital for a reorganization of the company. There have been assurances of such financing in part, and prospects of financing elsewhere.

Favor Reorganization

“All creditors favor reorganization of the company in preference to liquidation, as it is realized that in event of liquidation there will be an insignificant dividend, while if the concern is kept alive the creditors have a customer for future business, and a prospect of the payment of their debts by some form of securities acceptable to them,” the intervention petition declared. According to the petition, the Northern Motors Corp., a company controlling the patents on the PacAge car which is manufactured by Stutz, told creditors it was confident sufficient capital for reorganization could be obtained. This corporation also assured the credi-

tors of its willingness to continue |

business relations with Stutz.

The Stutz company, which sought | reorganization voluntarily under | Section 77-B of the Federal! Bank- | ruptey Act, first was given until | June 15 to file a reorganization | plan. This deadline then was ex- | tended until July 15 upon plea of |

the Company

CORBIN HEARING SET FOR NEXT TUESDAY

A hearing for Morris Corbin, former detective sergeant recently demoted to the rank of patrolman, is to be held next Tuesday before the Safety Board. Officer Corbin appealed his demotion to the Board vesterday. Chief Morrissey told members recently that he demoted Officer Corbin when the latter was unable to explain a purported notarized statement he is alleged to have made concerning Willard Kelly, now serving a sentence in Michigan City for the Roberts Dairy Co. holdup. Chief Morrissey said he has subpenaed County Prosecutor Herbert E. Spencer and several Roberts Dairy officials. Chief Morrissey indicated that the purported statement is being used in an effort to gain clemency for Kelly

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THE INDIANAPOLIS TIMES

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