BUCKMAN CREDITORS TO GET 5 CENTS ON THE DOLLAR
Buckman Creditors To Get 5 Cents On The Dollar $60,580 Available To Settle $1,000,000 In Claims Creditors with claims totalling about ] $1,000,000 against B. E. Buckman and Co.. defunct Madison...
...Class A common, also a salesmen's favorite...
...In addition, there were securities and notes with an appraised value of $90,948.47...
...The total receipts, therefore, were $164,374.32...
...These included many stocks promoted by the Buckman Co., and great quantities of special assessment and improvement bonds for cities from Oklahoma to Montana...
...Gulf Coa-st Water Co...
...Schein estimated today that after payment of bankruptcy fees and commissions and other expenses, creditors would gel a little over 5 cents on the dollar...
...A par value of $89,900 In Continental Public Service Series A first mortgage 6 per cent bonds due Dec...
...not belonging to the Buck-man Co...
...It represented in part the results of 457 separate contested hearings, also a new record, held before Miles C. Riley, referee in bankruptcy, with whom the report was filed...
...was the chief reason for the rise in the amount to be distributed to rredltors...
...Instead of an estimated 10 cents per barrel, the royalty certificates actually brought 27.8 cents per barrel...
...Among the securities listed as without value were 190 shares of B. E. Burkman and Co...
...Hearing in 15 Days Riley said today that a hearing will be held on the report In about 15 days, at which time various expenses of conducting the bankruptcy will be deducted, and the balance of the $60,-000 ordered distributed to creditors in proportion to their claims...
...The trustee's report said his wo>-k was complicated by the "extensive ramifications" of the Burkman Co...
...A total of $12,845.17 in office .salaries and expenses of conducting the bankruptcy proceedings has already been paid out...
...Schein reported...
...After these sales, the remaining notes, securities and claims were sold to Samuel Wolden-berg, Madison, for $3,975...
...trustee In bankruptcy, declared last week in filing his final report...
...1, 1940...
...State Hospitals Are Reported "Overloaded" The Wisconsin General hospital and the orthopedic hospitals are loaded beyond normal capacity, hospital officials reported last week...
...Cash receipt* of the trustee, from sale of furniture, securities, and other items owned by the Buckman Co were $73,425 85...
...business, and that there had been many "unusual perplexities" in winding up the affairs of the company...
...defunct Madison financial firm...
...were sold in bunches like bananas, for prices running up from $10 to $2,300...
...Estimates several months ago were that creditors would receive only about 2 cents on the dollar...
...100 preferred stock, 10.234 shares of Condor Pictures, a favorite—for selling—with Buckman salesmen, 12,350 shares of Paducah Cooperage $1 common and 4.015 of the 50 cent common, a $100 par value share of preferred stock of The Prosperity Co., Ijic., and 16.032 shares of Continental Public Service Co...
...Another item was 8,000 old German marks, valued at nothing, and reclaimed by Vic Ellis...
...The institutions, equipped for a normal capacity of 650 patients, have a total of 700 patients, official said...
...first mortgage 5's due In 1948, par value $32,000, valued at $12,800...
...Curious Items Listed Among the curious items were warehouse receipts for two barrels of "live oak bourbon whiskey" of the General Distillery Corp of Kentucky, valued at $50 and reclaimed by Robert Drumm...
...The mammoth document, covering 162 pages, plus a six page introduction, was said to be the largest and most complete ever filed in ferirral court here...
...The hearings have been held Intermittently since the Buckman Co...
...The report listed page after page of securities which the trustee's appraisers valued at nothing...
...Sold in Bunches Many of the securities owned by the Buckman Co...
...was valued at $8,990...
...An Increase over the original estimates In the price received for sale of certificates for 1G1.368 37 barrels of crude oil...
...60,580 Is Left Out of the $164,374, a total of $12,845 was expended In conducting the bankruptcy proceedings, the securities valued at $90,948 were returned to persons reclaiming them from the trustee, and $60,580 was left...
...will receive a trifle over 5 cents on the dollar out or ;he $60,580.08 available for distribution, S. B. Schein...
...Gulf Coast $10 preferred stock, 2.917 shares, valued at $2,917, and Standard Commercial Tobacco $1 common, 399 shares, valued at $1,197...
...Some other Buckman-spon-sored securities fared better at the hands of the appraisers...
...went into involuntary bankruptcy In December, 1937...
...The report listed every single item received by the trustee'.even including valueless coupons, worthless office furniture, and other details, and showed the exact disposition of each, either through sale or return...
Vol. 10 • April 1940 • No. 16
