BUCKMAN CO. CREDITORS FACE ANOTHER DELAY
Buckman Co. Creditors Face Another Delay Appeal May Be Filed By Qiieagoan On 'Cat and Dog Assets Creditors who attended the final hearing this morning in the bankruptcy proceedings of B. E....
...was $142,644, but was ; scaled down under a compromise agreement...
...The question of the possible appeal is the only one holding up final distribution...
...Creditors Face Another Delay Appeal May Be Filed By Qiieagoan On 'Cat and Dog Assets Creditors who attended the final hearing this morning in the bankruptcy proceedings of B. E. Buckman and Co...
...The net total of these unpaid calims...
...More than 500 hearings were held...
...Only half a dozen of the 150 creditors api^cared, and none raised any objection to approval of the final report of S. B. Sehein, trustee...
...Thomas Stephenson, Arlington...
...A total of $12,845 has already been paid out in office expenses of the j bankruptcy...
...Georjre Zwicky, custodian of the assets, has been paid $180 for his services as former trustee, and out of his total claim of $267 for trusteeship, is therefore entitled to a net of $87, Riley said...
...Edward Tiedeman...
...Chicago, who bought up all the "cat and dog'' remaining assets with a bid-of $3,975 through the agency of Samuel A. Woldenberg, Madison At a hearing Wednesday, Riley rejected the claim of Landis for an $800 refund on some bonds which had already been paid off...
...counsel for John Landis...
...in the expectation that a dividend payment would be declared at once, faced another delay when notice was filed of a possible appeal on sale of some of the assets...
...Riley called repeatedly for questions or objections from the handful of creditors, but none of them spoke...
...but bankruptcy fees, commissions and some expenses to be paid out first will cut this amount to something over $40,000 for distribution...
...In addition, the federal i bankruptcy statute fixes a commis-1 sion for Riley of 1 per cent of the amount to be paid out to creditors, and a 25 cent fee for each hearing he has held...
...Middleton, represented by his daughter, and Mr, and Mrs...
...former attorney for the trustee and now assistant U. s. district attorney, has already been paid $382 for his services...
...Creditors at Hearing Creditors and their representatives who appeared at the hearing today I were Atty...
...Landis had had plenty of opportunity to find out about them before submitting his bid...
...Riley pointed out that the bonds had been Inventoried as valueless, and that...
...which represents 65 per cent of the total claims...
...If Pasch files an appeal from Riley's ruling...
...bonds...
...Dudley Davis, for the Continental Service Co., which has a $550,000 claim against the Buckman Co...
...plus expenses of $76.95 to W. G. Sullivan, Milwaukee attorney who prepared the schedules of assets and liabilities when the bankruptcy first came into federal court...
...The hearing was held in tlie office of Miles C. Riley, referee in bankruptcy, at 15 W. Main at...
...Joseph Burster...
...Fees for John E. Roe, attorney for the trustee, were listed by Riley at $6,500...
...Schein has been trustee for nearly two years...
...Riley reported...
...Is $8,758...
...The only other fee to be paid is $400...
...We tried to salvage as much out of this wreckage as possible for you, and while the results are not going (o be great for any one individual, I j think they are as great as they could possibly have been," Riley told the creditors...
...The original claim of the General j Carpet Co...
...Federal Judge Patrick T. Stone is expected to rule on the question within two weeks...
...Other expenses to be puid before distribution are as follows, he said: A total of $1,557.53 to Schein, including $1,500 in fees, the amount set by statute, and $57..13 in expenses...
...He described the bankruptcy as "the most complicated and difficult estate that was ever referred to me...
...The possible appeal was announced at the hearing today by Maurice B. Pasch...
...Oshkosh, with a $5,000 claim for Continental Public Service Co...
...Alvin Loverud...
...W. E. Torkelson for General Carpet Co., with a $71,322 claim...
...The final distribution is expected to bring creditors about 5 cents on the dollar As a matter of fact, the lion's share of the remaining assels will go to a ¦ former Buckman affiliate, the Con- 1 tinental Service Co...
...plus $118 in ex-penses, or a total of S6.618...
...The report listed $60,580.68 available in cash for distribution to creditors who have filed claims totalling $886,000...
Vol. 10 • May 1940 • No. 18
