| Show i ICE ICEMAN MAN WINS A 8 AM HEAT IN III COURT M Judge Holt Refuses to Force Charles W Morse Into Bankruptcy CLAIMS OF THE CREDITORS FINANCIER EXPECTS TO PULL PULLOUT PULLUT PULLOUT OUT UT IF GRANTED TIME TIMEt t New ew York York March 13 Charles W V Morse has won a temporary advantage advantage advantage tage in his fight to escape the bankruptcy bank bankruptcy bankruptcy into which certain creditors are ire attempting to force him Alleging in hi insufficiently sufficiently sn secured claims aggregating tg nea y a quarter of ot a million dollars I Charles Charl s A Hanna lIanna a s receiver for lor the th National Bank of ot North America and two former of ot the same in institution institution today filed with Judge Jud e Holt Holtin Holtin in the United States circuit court a pe petition petition that the once multimillionaire ice lee man be declared a u bankrupt In n opposition counsel for Morse Mors represented represented that C G Bringle nn and l F E B n Shotwell two of the m rs rg were vere not creditors within the g of o the law Jaw aw and that their alleged claims clams were because the operations concerned were based on stock trans transactions transactions rans actions Upon these representations the court refused to a receiver pending determination of the status of o each petitioner ner Gains Further Time Counsel for Cor the petitioners were ct ft tonight that the move of 0 Morse I would serve only to briefly deay elaYan an i Inevitable receivership It was j ted tea however that Morses best fight fighting fightIng fightIng ing asset was time furnishing further urthEr opportunity to win over creditors to his plans of rehabilitation Counsel for Cor Morse Mo claimed tonight that the great majority of creditors had been convinced that their inter interests Interests ests would be served best by giving the financier a chance to pull null out un unhampered unhampered unhampered hampered Those engaged sn n the t e task of or learning the exact condition oa of tit Morses finances figure that his liabilities liabilities liabilities ties are aN about and his asset approximately estimated d at atthe atthe atthe the present market value alue of securities se ce This his latter estimate Is held unfair by b the promoter whose argument has been that bankruptcy proceedings forced upon him would mean a iacri lice flee that creditors might escape through delay until financial condi readjust Claim of the Receiver Mr Hannas claim as receive is l based on two promissory note amounting to The present approximate ap approximate proximate value of the securities held field is stated to be Mr Ir Princes Pringles claim Is IK for the purchase price of If thirty shares of the capital stock of the National Bank of North America which it is alleged Morse induced 1 Pringle to buy bu by false and fraudulent representations Upon the discovery of oC the fraud says the petition Prin Pringle Pringle Pringle gle elected to return the stock to Morse Jorse and he demanded the return of the money paid The demand was not acceded to The claim of Shotwell Is likewise liken ise for the price of ot thirty shares of the same stock Th The act of bankruptcy alleged is that on Jan 27 1905 Morse while in insolvent insolvent insolvent solvent transferred a portion of jf his property to one or more of f his credit creditors creditors ors naming the Fourteenth Street bank and Philip Q Britt in the way of preferential payments Another alleged act of oC bankruptcy is that on Feb 5 1908 j OS 8 Morse orse permitted d a at judgment of to be bc entered r against him in favor of Robert A C CI Ith in an action wherein Smith was waa the plaintiff and Morse defendant in inthe the ehe state supreme court ourt Other ur Specified acts of bankruptcy are arc al |
