Show MOFFAT M ROAD TO TOBE BE REORGANIZED Colorado Men Plan to I Place la S SnIt Salt Rond Hoad on an Business Basis After lUter Nino iino Years of 1 Receivership 1 hll E t Thin The Denver Denv l' l S Salt lt Lake Lako railroad the Moffat road is destined to b be J removed from n the of the re receivers re- re so soon n under tinder a reorganization plan ia announced in De Denver verla t Fri Fri- day f This is preliminary pla plan is the first i st step p i in such action and nd by its ils terms the road would be ibe kept in the the hands hands- of Denver and and- Colorado interests interests' become and soon an h Independent unit 1 The reorganization committee of G Gerald h Den consisting ting o Hughes u s Den Der ver ver attorney Alexander r Bergei ere 61 r Mary Maryton ton Va and Lawrence C. C P Phipps lipps Jr vice president and tr treasurer treas- treas as- as of the Nevada Electric Electric Elec- Elec Ine corporation has has' been approved by committees or of b bondholders an and anil authorized to tp proceed with the re i The ro road d will Ul be removed from Crem receivership accor according in to 10 plans anew u a new company formed and in new first m mortgage c G j per cent cens bonds issued The money raised in inthis inthis th this s manner will be used to pa pay oK ore indebtedness and for e expenditure pel on new equipment and improvements The new company will issue 50 shares of no immediate par alue value the value to be later laier by the re reorganization committee e. e Holders of the first mortgage bonds will be given give a l like i e amount in income bo bonds which wits win pay interest only If the road oad earns earns enough for or that purpose Holders of or the adjustment bonds Will be given stock in the new com Coin pany pliny r The which will vill be raised raised rais raised rais- rais I ed it was expected by next spring will be secured by requesting holders holders hold hold- ers of each 1000 bond whatever its classification t to put up In c cash sh In this way way first mortgage bondholders will put up and adjustment bondholders s OO The Tho road rad has be been been- n. n in the h hands of or receivers rs for nine years yeats |