ESTATE OF J. J. PATTERSON.

Dominion, Volume 3, Issue 762, 10 March 1910, Page 6

ESTATE OF J. J. PATTERSON.

PROBABLE COMPROMISE. -..-'; '-} ■ (By TelejrraDh:—SDecial CorresDondenti .'.• .'-. ".■. ■ .•; Napier, March 9. 'In the case of J. ". J. '• Patterson . negoi ; tiations for settlement. have been pro-: deeding and it is . understood : that one. has been arrived at. This morning, "at the Supreme Court, Mr. M. Myers,'for the plaintiff (the Deputy-Omcial Assignee), announced that a conference had 'been held, and asked if it would be possible to meet his Hohoirr's convenience by allowing the matter-to stand down until the afternoon as that course might eventually shorten the proceedings. His Honour: If it continues the case ■will result in • protracted and very expensive litigation,'and i£ any arrangement can be arrived at, I will adjourn the Court until i o'clock this afternoon. It is essentially a case, in my opinion, for. compromise. . . ■ , ,: ~ ' The following telegram , was seat to the'creditors in" the cstate:-"Have secured' an offer'from. Mrs. Patterson to .pay .a dividend equal to sevenshillingf and six- ( pence in the pound, she taking over all outstanding assets m the.estate;, and , ; uayinr a portion of the expenses,:. the. balance of costs being paid out of dividend. As far as Mr. Gurr, the assignee,; can see, the.net-result-vonld be. about ! five shillings' in .-the pound to creditors. ■ The ■alternative is -protracted; tedious,and enormously expensive -.litigation, necessitating tailing lengthy complicated., accounts in which the estate wou.ld succeed to a certain extent, but it is very, doubtful what ultimate dividend would" remain. Levin's (largest creditors) agree. Mr. Myers strongly recommends acceptance. Justice Cooper also says., that he thinks that the case is one for urgent having regard to. the probable. 'enormous delay nnd cost. Tho assignee has power to settle (see ■ Bankruptcy. Act, Section 63) but would like to know that creditors generally approve. Understood that the compromise comes to something like ,£3OOO not including costs." . ; .