Show REORGANIZATION P l A N M Nor or OF OHIO COPPER IS WORKING OUT Some encouraging news newa comes from the East relative to the Ohio Copper Stockholders have practically agreed to a plan whereby the Bingham estate and the J mill at Lark may ay be betaken betaken I l ayT taken over ir from the bondholders bondholders- nJ e T The details deais in part as released are as follows Under the stockholders' stockholders plan a new lew I company will be organized with IJ 2500 O g capital fall divided l 1 1 into 5 shares h of 1 par to take over the property of the bankrupt Ohio company through an order of the United States Slates district court courtIn coUr In New York Consideration for the transfer will wi bethe bethe be bethe the issuance Issuance and delivery by the proposed proposed proposed pro pro- posed new company of ot Us is entire capital stock which shall be fully paid and non non- assessable Shares in the tile new company will wl be offered all al stockholders of the Ohio Copper Mining company at par Under under under un un- der such terms as ma may be prescribed bythe bythe by bythe the court The reorganization agreement further provides that the proposed new company may Issue e either e preferred stock or other h obligations rg s to enable n err the Sr retirement t e of existing bonds and other Indebtedness of ot the present Ohio company The committee has asked the bankruptcy bankruptcy bank bank- court to order the tile trustees to re redeem redeem re- re deem t the e property from E. E H. H Sykes who bid It In at ft foreclosure ro for the I Iere ers ere for tor which purpose the committee will wl provide necessary funds The stockholders stockholders stockholders' stock holders' holders committee also agrees to pa I bondholders their claims I |