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The Morning News
Savannah, Chatham County, Georgia
What is this article about?
In Charleston, S.C., holders of over $2,500,000 in first mortgage bonds of the South Carolina Railway, H. W. Smith and Gustave E. Kessell, filed a cross bill in U.S. circuit court protesting the road's sale, reorganization, and bond exchange, claiming the property can pay its debts under current receiver management.
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Holders of First Mortgage Bonds Object to a Sale.
CHARLESTON, S. C., Feb. 22.—A cross bill was filed in the United States circuit court to-day by H. W. Smith and Gustave E. Kessell against the South Carolina railway in the suit for foreclosure of mortgages now pending. The plaintiffs are holders of first mortgage bonds of the road to the amount of over $2,500,000. The bill protests against the sale of the road and against the reorganization now in progress, and the exchange of the outstanding first mortgage bonds for bonds bearing a different rate of interest. The petitioners also protest against the sale of the road, and claim that it has been demonstrated by the management of the present receiver that the property is able to pay all of its indebtedness.
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Domestic News Details
Primary Location
Charleston, S. C.
Event Date
Feb. 22.
Key Persons
Outcome
protest against sale and reorganization; claim that property can pay all indebtedness under current receiver.
Event Details
A cross bill was filed in the United States circuit court by holders of first mortgage bonds against the South Carolina railway in the pending foreclosure suit, protesting the sale, reorganization, and exchange of bonds for different interest rate.