Corporate Promotions And Reorganizations

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The final allotment of this indicates the difficulty to be encountered in any reorganization, which depends upon the concerted action of an extended group of small stockholders. Another significant Stockholders $2,404,550 1 Security Investment Company, Creditors of (mostly banks) $1,540,300 Advanced by Pittsburg banks to enable George Westinghouse to complete a subscription for $3,000,000 of new stock for the Security In- vestment Company 1,502,775 3,043,075 Employees ~ 611,250 $6,058,875 featu...re of the reorganization was the attitude of the bank creditors, who held upwards of $8,000,000 of the Westinghouse Company's notes. The Merchandise Creditors' Plan had offered them various alternatives, all involving the funding of half their claims into long term bonds, and differing in the amounts of stock subscription required for the other half. About $4,000,000 1 During the period from June 2 2 d to November 20th, as a result of all the beseeching letters sent to the two thousand odd non-subscribing stockholders only $190,250 was obtained.

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