Salt Lake Telegram | 1932-02-20 | Page 2 | Arguments in Defunct Bank Case Finished

ARGUMENTS i DEFUNCT BANK CASE Special to The OGDEN Feb 20 20 Decision petition of the th state bS- bS bank eX o 0 th for or an order of the thc court acceptance of the offer g gand of ot and directors of the defunct r State bank to creditors to settle settie of ot In the full fulI th Ol Og lr Hat for and on the o ions depositor to accepting su such Offer offe was taken under advisement for tor th th days Friday by Jud Judge e George fe r in Second S district court afiM after hearing that lasted all aU da day meats ments Following the presentation tation of arai arz by attorneys attorney de e ar arguments in behalf behal o of ot g Bank Commissioner Walter Waller E. E wj lock and imd Stale Bank Examiner Sh Rid lIld J ered man Jones Jones in court the were q cl Ol OlIn i In reserving d decision ision in the attorneys for both sides ides were all CUe to file lists r- r authorities in IU of their arguments ASKS FOR STATEMENTS Valentine Gideon of counsel f k fa the petitioners asked for a as to who Is represented by couns counse which presented the d demurrer j n n members of a committee appoint at a mss meeting of depositors t a t ft days ago aco were named Mr Gideon pointed out that the a p pi h hd d merely submitted t to tot Uti u court the facts in n the case cue md l contended that the thc proposed sett settle ment meat with the officials and director of the bank is the practical thi to do He argued for the petition 1 b contending that the bank and examiner had the AUtho ut it ity to recommend a settlement w 11 that the court had Ii consider consider- the thc petition He also a aie the court to he hear the n ca taT ar the court to hear the petition c eat tal witnesses and take any further s a ae Lion necessary with res respect to tl th petition and then either cither approve e j i jor or it URGES ACCEPTANCE CE Mr Gideon said he believed i would be to the best interests o ot of t th tD community to accept the petition ij AJ attempt to the liability o 0 directors he said would cover a ate ton ion period of time and cost a large K SImat sw SIm of at money Ira A. A Hu Huggins gins also of oC counsel to the petitioners characterized sor SOrcE of ot the argument heard hend at the fo forenoon fore foe noon session as a plea for tor sympathy and said saLd he cud fd not know w what at pose counsel had in hoc hook hooking ing fag up the bank rid d d it counsel with the directors of t thE bank when the commissioner and dex e represent the depositors is well ell as the he stockholders Mr Huggins declared op counsel should have been arm armed with law Instead of the mud u arod ard muck of the streets when they ther a appeared appeared ap- ap in court to t the e pel U. U He urged that the petition c of- of fers fern the best possible solution I Ithe tor the troubles t f the bank and he the d do- do The depositors depositors' claims r approximately 4