Saturday, September 28, 2013

"A Mail Steamship Company in Ruins; Motion for Receiver and Injunction"

A New York Times article from 1860!:

"They aver that the judgment is still unpaid, and that the Company has been insolvent for the last year, and is still incapable of paying its debts. The plaintiffs further state that some of the other creditors of the Company have threatened to bring actions against them for bills outstanding to their credit, and owed to the Company. The prayer of the complaint is that the Company may be declared insolvent; that a Receiver be appointed, and that the assets of the Company be sold and applied to the satisfaction of its debts."
The case was Isaac Grey et. al. vs. The New-York and Liverpool United States Mail Steamship Company et al..

Receivership is old fashioned medicine for insolvent companies.

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