Show REORGANIZATION OF OHI COPPER MEANS MANS CHANCE IN CONTROL Eastern Eater advices are to the effect that th tha reorganization of or Ohio Copper will wi re result r- r re- re suit sult fulin In th control of ot the company passing to new Interests ts underwriting the stock tock This view is taken because beuse of or an agreement agreement agree agree- aee ment that the underwriters shall be permitted per per- to name three of ot the five directors leaving caving two to represent Heinse Heinze Local shareholders of or orth th the company company do not agree agee wih with this view entirely or or at least do donot donot donot not believe that Heinze will be eliminated so 0 long as he operates operate the tunnel It I is la not ht absolutely certain that the ther r reorganization plan as a outlined will wi go 0 through It I i Is IR said eald that that the success of the he proposed plan will depend upon stock stock- holders themselves wi as u the un underwriting has been conditioned upon the assent of SD 55 5 per cent of or the outstanding stock toc A Ath Athing th thing ng that will not look lok good to some same shareholders I Is th the fact that upon a apar 5 5 par ar value alue and Ind with the new shares share but 3 U 3 paid aid in there will viIi i remain te a loophole for lor further assessments of or 2 a a. share ahre Those Thole stockholders refusing reusing to meet the 1 1 assessment now lex levied le led will wil have have a liquidation value for tar their ther holdings approximating ap- ap 25 cents cent a share share according I to Secretary Eckstein Ekstein who says saya that th the te teI I new company will assume and pay th the wf py I entire entre floating debt of or the Ohio Copper and will I pay it a consideration for th the transfer of or the properties which will wi ne neto net netto netto to the present stockholders who refuse refus te to subscribe for stock of the new company corn com cm- cm pan pany approximately 25 26 cents te per share in liquidation The complete reorganization plan a as al announced in is 11 as follows authorized author author- The new company will wil have an capital of or divided Into shares par 5 This latter later compare compares compares com com- pares pare with wih the capital of tl the present compan com company corn com pan pany of or divided into shares with a a par of or 10 each There are now outstanding 0 shares of ot the present present present pres pres- ent company m mA 1 A uA A 1 assessment will wl be levied through offering of ot subscription rights to one new share of stock for tor ech each ono one share now held thus thul disposing of ot shares of the Iho new company There will wH be le set aside for the conversion conver conver- sion slon of ot the outstanding bonds shares share of or stock leaving shares out of or which no more than may be used use for underwriting purposes The stock tock of ot the new company will be Issued d h having 3 paid In except that held hek for tor conversion of ot bonds which will be full ful ful paid wJ o. o Subscriptions to the new stock will wH be payable 50 cents centa July 16 15 and 50 60 cents September 15 16 Underwriters will wl take tae all al stock not subscribed subscribe for at at 25 per share The company has hu a floating debt of ot the greater greter part part of which is oVerdue oVerdue overdue over oVer- due and and creditors creditor are pressing for tor payment payment pay pay- m ment ment en t. t Under the new plan cash ch will wil be forthcoming to retire floating debt complete the mill mi provide for fOl additional working capital etc Completion of the third section of or the themi mill mi will wi cost not more than after which there will wi be available for tor working capital Tho The annual meeting scheduled for June 5 was adjourned to June 19 13 1 but another adjournment has ha been taken until June une 29 29 when proposed plan will wl bo be submitted to stockholders stockholder |