| Show 1 STOCKHOLDERS' STOCKHOLDERS t GROUP CROUP STUDIES W. W L l. B PLANS Will Submit Reorganization Proposal to Officials Investors On the basis that all of the th assets of the Western Loan Building com cam pany belong to the investors the temporary temporary tem tern stockholders stockholders' committee Thursday was va preparing a reorganization reorganization ration plan for submission to the building and loan and banking department department de de- officials of Utah California a. a Idaho Wyoming Montana Oregon Washington and Nevada and to the stockholders stockholders' of the company in n the eight western states John R. R Malia Utah bank commissioner commis commis- who has been in charge of the I centralized of of the company since Ince August 18 announced Thursday that he and H. H R R. R Hurren chief hief assist assistant mt examiner would dir dis discuss cuss reorganization pl tl with ith the c commissioners of other tat s at- at ato L o- o meeting Tuesday in San Francisco MaUa Mr Hurren and the other othe c commissioners mm and their chief assistant assis tant ant examiners have hae been called to San ian Francisco by the the- thc federal reserve reserve- bank ank of San attend a R conference conference con con- ference of state bank examiners of th the twelfth federal reserve I district Th The state examiners will report on the rendition condition of each of the banks in their states tales to assist in the determination af of what governmental assistance is needed to place all aU banks in the position Ion tion to meet requirements for membership mem in the federal deposit insurance ance ince corporation FEW TEW NEED ASSISTANCE Commissioner Malia announced very few of ot the U Utah ah banks need my any governmental assistance to per- per permIt nit mIt full compliance with the requisites 5 tor or membership in the federal deposit insurance corporation The Utah commissioner declared he would could utilize the Tuesday conference to o 0 call together the commissioners of the he eight western states for a conference confer- confer nce ence on reorganization of the Western Loan Building company The decision of the stockholders stockholders- committee ommittee to prepare a plan of reorganization Jan which will be completed d Friday was made at ata at-a a meeting of the ommittee committee with Commissioner Malia Malta El I. L. L and Stuart P. P Dob Dobbs attorneys for the commissioner and 3 R. W. W Baile Bailey chief ex examiner Iner of t the Continued on OD Pall Fag T Two TO o STOCKHOLDERS' STOCKHOLDERS GROUP CROUP STUDIES W WI L LI B B. B PLANS Continued from Page Fate One Montana banking department Commissioner Com Coin missioner Malta's Maltas statement concurred concurred con con- in by Examiner Bailey follows follows fol fol- fol lows I l favor any sound plan of reorganization which will Rive give ive the same protection security and priorities to lo investors that they would have under undera a liquidation of the company's assets under a centralized administration representative of the departments atthe of at the eight western states DECLARE POLICY Declaring that thai it jt is not necessary to incur the expense of ot a detailed appraisal ap ap- ap- ap the committee members of which are Dr Mark A. A Greene chairman chairman chair chair- man man Salt Lake John A. A Reed Kern Kern- Wyo C. C J. J Sumner Richfield Richfield Rich Rich- field Ifield Paul H. H Ray and Lincoln G. G Kelly both of at Salt Lake adopted the following declaration of policy to govern gov gov- em ern the reorganization plan This plan of ot reorganization must preserve to investors the same priori priori- tics ties over the reserve fund stock that the investors now have in Investment stock holdings in c case e of or liquidation Reorganization of ot the company compan rather than any form of or liquidation is essential to the best interests of ot investors investors in in- in that a reorganization tion promises promises prom prom- a greater return to investors on assets o of the company in proportion to lo their investment stock tock holdings The plan contemplates a pro rata raIn I distribution of ot the assets to the in In- vesto I That provision be made in the reorganization reorganization reorganization re re- re- re organization plan for the reorganization tion and expansion of the board of at directors to provide such geographical ical representation as may be necessary necessary sary for the approval of ot the reorganIzation reorganization plan by the several banking or Dr building and loan departments and the investors The company should be so reorganized reorganized as to lo preserve a structure which will permit the company to lo continue in the building and loan business for tor the benefit of or investors In the reorganization of the company com corn pany the setting selling up of ot asset assets Against liabilities to Investors should be on ona ona ona a basis so conservative as to lo assure safe and conservative operation of the he company's business In fixing such sucha a a. value on assets it is not necessary to o incur the expense of a detailed appraisal which would be at the ultimate ulti mate expense of the investors inasmuch inasmuch in in- as the committee conceives that hat all of ot the assets assels of at the company belong to lo the investors v |
