OIL SHARE VENTURES.

New Zealand Herald, Volume LXI, Issue 18703, 8 May 1924, Page 6

OIL SHARE VENTURES.

■ P. A). HA D LY'S BANKRUPTCY 3 . DISPOSITION OF ASSETS. ' DECISION OF CREDITORS. . What may bo termed the clearing-uf meeting of the creditors of Percy A. Had 5 ley, for the final disposition of the e assets, was • held yesterday, the officia assignee,- Mr. W. S. Fisher, presiding. . The assignee reported the auction salt r of the 15 unencumbered shares held by Hit f•' debtor in the Taranaki Oil Developmeni 5 Company, Limited, for a total sum oi |. £720, or £48 per share. r Mr. C. G. 4 Macindoe, one of the * credij » ' tors, stated that he knew of one persor ;■ who had been a legitimate buyer of five r shares at £125 each, but who had no' £ attended the auction 'sale because he had been given to understand the shares a were not to be submitted, owing to the t legal j complications that had been ' spoken g of - ■' ,t The assignee said • there had been no [. intimation that the scrip would be divided L " into five-share lots. 'As to the "other 5C " shares that had been held by the bank- ™ riipt, it had been shown conclusively to j the Supreme Court that the title to them g was in a very chaotic position. * Mr. J. B. Donald, who had held over ' the shares a mortgage that had entitled t him to transfer them to himself on dofault, offered to allow the assignee to » see all the papers : connected with the a transaction " 6 Coming to the realisation of the assets, I the creditors accepted an offer of £47 from one of their number for the debtor's office furniture. , As to his collection oi , pictures, valued by himself at £200, it ' was agreed that some of the creditors Bhould inspect them, with a view to a * possible offer, failing which the assignee * should dispose of them. His furniture . was ordered to be offered at auction. The disposal of shares in the Bony * oil Company was left in the hands of the j assignee, the creditors to be called to- * gether should a liquid offer be received, i Other questions, such as ascertaining £ what ■ interest the debtor had in the debentures of the British Petroleum Deb velopment Company, the oil-boring plant 3 at New Plymouth, and the Mangaone bore-casing, were left to the assignee's 3. discretion. - ' -'' .