OCR Text |
Show WILL TAKE OVER THE 01 COPPER GROUND Consisting of the principal bondholders of the Ohio Copper company, the property of which is located in the Bingham min-' min-' ing district, a new company is .being I formed which will in all probability buy in the property of the Ohio Copper to 1 satisfy a judgment. The old stockholders j will in all probability be given a chance to participate to a limited extent in subscribing sub-scribing for the new securities. Some months ago the Ohio Copper company com-pany was declared bankrupt and a receiver re-ceiver was appointed to wind up the affairs af-fairs of the company. The bondholders brought foreclosure proceedings against the company and the hearing was held in Salt Lake in March. Judgment was entered en-tered for the bondholders for the full amount of the bonds which amounted to Jl.24.00O. , The property will be sold o satisfy the judgment and will no doubt be bid in by a reorganized company composed chiefly of the principal bondholders. It is understood under-stood that the property is to he taken over by tiie new corn pan y in whi-h the present bondholders of the old company will receive securities in the form of new bonds and stock for their present holding?. hold-ing?. The present value of the stock of the old stockholders is for those rights which may or may not be of any value. The propertv is bcinr worked at the present time under a lease given by the. receivers under the authorization of the court. The receivers have already bnen paid bv t he lessees approxi mately . 00 ,000 in royalties so that it would appear that the new company will begin operations well financed to carry them to completion. |