Owl Drug bankruptcy 1932

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Owl Drug bankruptcy 1932 - r is t e r n R f and s, made For Transfer of...
r is t e r n R f and s, made For Transfer of Owl Drug Suit CARSON CITY, Nov. 15.--Next Monday will be a busy day in imatter of the bankruptcy proceeding's proceeding's of tine Owl Drug company, the- petition of one; oC its creditors asking that flhe ·proceedings be transferred to the jurisdiction of federal couot ait San Francisco be argued before Judge Frank H, NorcroSs in the federal court then as well as the petitioii of Mercantile Arcade Reality corporation that the voluntary pe;titit«rin bankruptcy filed by the Owl Qcug company on October 10 be dismissed and the order of ajdjudicajtidn /the following day be vacated and aside. The transference of the proceed- ings to the California federal sought toy McKesson, Langley, Michaels Company, IM, representing representing a group of approximately creditors of -the 'bankrupt, who claim thait, since none of tiie creditors, officers, or employees of the Owl Drug company reside in and since the bankrupt has no property or assets in this state, the ma/titer can be most expeditiously and economically I n v e s t i g 1 and settled dn the stjate in which creditors and officers reside and in the bulk of te business was operated. operated. The existence of the present banking moratorium is also relied upon by the movants as a- ground (for the change of jurisdiction, the motion, stating that "The state Nevada is a sparsely populated state; that its commercial and financial institutions are at present seriously handicapped by season a statewide monaitonlum declared and continued by the governor of 'the state of Nevada and claantag ithat, in case of a sale of the bankrupt estate, capital 1mm other of the country would necessarily have to be interested Judge Norcross will also hear determine next Monday the charge of tine Mercantile Arcade Realty corporation to the effect that the Owl Drug company was not msol-, vent last month when it applied Uae court to be declared a but that that action was taken result of a conspiracy existing between between the Owl Drug company Drug Inc. for the purpose of se-, curing the release of the Owl company town liability upon, its various leases of real estate m California, Oregon, and Washington a,s sites for Its retail stores. | The realty corporation contends that the Intent of the conspiracy was to lacquare for Drug, Inc. the business of the Owl Drug company with its good will and to carry the retaal and wholesale business, without outward change and in salme locations now under, lease the Owl Drug company but upon m,ore favorable tertms and conditions conditions and upon reduced rentals. Mercantile Arcade Realty corporation corporation states in its petition that Owl (Drug company is indebted to Jot over $60,000 on, a lease and it has been assigned claims for rentals of 110 stores to the drug company which amount to approximately, approximately, $13,800,000 for the term of the leases

Clipped from
  1. Nevada State Journal,
  2. 16 Nov 1932, Wed,
  3. Page 8

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  • Owl Drug bankruptcy 1932

    wehopewiki – 10 Aug 2014

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