Salt Lake Telegram | 1933-09-06 | Page 9 | Investors Ask Firm Control

INVESTORS ASK FIRM CONTROL Stockholders' Stockholders Committee Says State Supervision of W. W L L. L and B. B Unwise While Bank Commissioner John AMalla A A. Malta Malla and H. H 1 L. L his attorney ney fey as conservator of ot the Western Loan Building company meet this week with commissioners of other states on reorganization of the concern concern con con- cern the temporary t stockholders stockholders' committee Wednesday Issued a statement statement state state- ment urging immediate approval of the reorganization plan to permit return return re re- turn of the company to the stockholders ers erSt S The temporary stockholders' stockholders com corn committee statement declares reorganization tion will result in substantial anc and possibly per cent recovery to the stockholders Members of the committee arc are Mark H. H Greene professor of economics economics econom econom- ics at the University of Utah chairman chairman chair chair- man C. C J. J Sumner Richfield John A A. Reed Kemmerer Wyo Paul H. H Ray and Lincoln G G. Kelly Salt Lake Dr Dr Walter N. N Pugh Salt Lake who was made a member of the committee on its organization has returned from a vacation and will serve with the group ISSUE STATEMENT The statement from the committee by Chairman Greene follows The committee recommends and ur urges es immediate action by the com missIoners of the several states on approval approval approval ap ap- ap- ap of cf the reorganization plan to permit return of the company to its stockholders as a going concern Inthe in 10 inthe the shortest possible period of time The committee recognizes that under under un der S house b bill 11 89 enacted at the January January Jan uary session of the legislature Jo to provide pro pro- provide vide for the reorganization of f building build buildIng ing and loan associations the directorate diree directorate of the company is the only statutory instrument to present a plan Planor of or reorganization The directors not only have the right but are required to outline a plan of reorganization for forthe forthe the approval of the commissioners and subsequent submission to the stock stockholders holders DIRECTORS ACCEPT The committee has had frequent me meetings tings with the U Utah banking dc de t representatives and directors directors tors of the company With the information mation nation obtained the reorganization plan was evolved and has bas been accepted ac by the directors Commissioner Maim Malia has told the committee that tha he approves the plan in principle and has agreed to submit It to other com corn missioners for tor their consideration In addition the principle of the pl plan n has received the approval of R. R W W. Bailey chief examiner of the Montana banking bank ing lag department The committee believes reorganization reorganization will wUl result in irs substantial and possibly per cent r recovery overy to the stockholders The committee is unalterably unal opposed to receivership or liquidation of the company's assets until it is S definitely shown that reorganization reorganization reorganization re re- organization cannot be effected and andin andin andin in this viewpoint the committee has hns received the support of ot Governor Henry II U. Blood committee hopes for early The approval ap op of the reorganization plan by bythe bythe bythe the commissioners of the western states Action of the commissioners when taken will vill be reported back to the stockholders with the opinion of the committee