OCR Text |
Show ELKS' FINANCE UNAPPROVED Proposed refinancing plan of the Salt Lake City lodge. Benevolent and Protective Order of Elks, was - approved in federal court Monday. Judge Tillman D. Johnson authorised au-thorised payment of claims under the plan as soon as mechanics of refinancing can be completed. December 2, listed assets of less than (1000 cash and liabilities of approximately 1279,000, of which first mortgage bonds, due October 1, 1M0, represented 1252.000. Under the approved plan, holders of mortgage bonds and coupons secured se-cured by deed of trust will be paid 20 cents on the dollar; a mortgagee in ths loan, which Is secured by reel estate, will receive ths deed to the property, and unsecured creditors will be paid 20 cents on the dollar. No formal opposition to ths plan developed at ths court hearing. |