Show CREDITORS SUE SUf HAl Fla July 6 AP of creditors aggregating 1050 O today were the basis of Involuntary bankruptcy bankruptcy bank bank- proceedings agaInst Coral Gabl Cables corporation Jas Ja's most subdIvision project The firms firm's liabilities recently were estimated estimated esti- esti mated at b by refinancing operators In II a petition flIed filed In federal district district dis- dis court here y yesterday Walton Valton Spencer company Chicago claimed Co New NewYork York lIsted a balance due and the Four Seas company compan Boston specified due all on promissory promissory promis- promis sory notes Hearing Bearing was set for next Tuesday The Tho corr corporation through Its board or of managing dIrectors issued a a. statement pointing out that any three creditors whoso whose claIms are In excess of may file a petition pet peti- tion In bankruptcy bankrupt C They said paid It was for tor tho court to decide whether such claims were true adding that In our Judgment the corporation Is not now Insolvent and the petition pet peti- tion should be denied Recently financial Interests 1 headed head head- nd- nd eel ed bY Senaca D. D Eldredge or of the New York banking firm of Eldredge Co and Lynn IL II New Orleans ns assumed the task of re- re and completing the tho out that owners owners of Coral Gables Cables property resided In Byer state they asked the several thousand creditors or of the corporation corpora corpora- tion to accept reductions In claims nd Ol court action on the ground that realize more morein In tho long run Attorneys said that if IC the granted the refinancIng Ing plans automatically would be suspended Coral Gables Cables corporatIon headed by George Merrick Ie who used his family home site near MIami as no a nucleus boasted of oC a popUlation In Its environs of 1000 during boom days A city was constructed from Crom rove grove lands and wilderness almost overnight |