Rensselaer Semi-Weekly Republican, Volume 38, Number 18, Rensselaer, Jasper County, 20 October 1905 — Good News For Bank Creditors. [ARTICLE]

Good News For Bank Creditors.

No Appeals From Judge Anderson, and Dividends This MonthAt last there is good news for the creditors of the McCoy bank, an d of A. McCoy personally, and no ifs | nor ands about it. Col. Behm, of Lafayette has written to Trustee Chapman that all the other bank creditors have decided to take Judge Anderson’s recent decision as final, and that no appeals will be taken to the higher U. S. courts. [_ The result of this decision on their part is that Referee Bowers and Trustee Chapman can now go on at once and prepare to pay the 20 per cent, dividend to the bank creditors and the 40 per cent, to the A. McCoy creditors. The 10 days’ notice to the creditors will be up on Oct. 24th. After that there will be about a week’s arduous work for the referee and trustee, and the ehecks will then be ready for all creditors. After the 10 day are over the trustee and referee will again look over all claims, and a dividend sheet will be prepared of all those claims that are allowed, showing name of the creditor, per cent, of the dividend, and amount to be paid. The checks for all these will then be prepared and signed by both trustee and referee, and then the payments will begin. It is thought that by the end of this present month, the checks will be ready for distribution. What will follow after this distribution is largely an uncertainity. In all probability, however, another 10 per cent dividen l will be ready for the bank creditors in about 90 days, making 30 per cent, in all. This depending somewhat on how much of the still pending litigation is disposed of. Beyond this second 10 per cent dividend, making 30 per cent, in nil, it will be a long while between dividends, and they will be small when they do come. No doubt there will be ultimately 5 per cent, more, and possibly 10 per cent. The latter depending on the final results of suits pending, and the future ability to pay of some who are not now able.