[Newspaper]
Publication: The Kentucky Post
Covington, KY, United States
p. 1, col. 6-7
Conservator for Covington
Bank Seeks to Settle Claims
Payment of [dollar:$70,000] Loan to First National Also
Looms, According to Reports
One of the latest developments in preparations for ultimate reopening of the First National Bank & Trust Co., Covington, was the filing of a petition late Tuesday by Ben A. Adams, conservator, seeking an order in Kenton Circuit Court which would permit him to compromise a claim against the Lockett-Tate Co., Covington.
Another development was the report that a [dollar:$70,000] loan made by the bank to the Hemingway [sic] Hemingray Glass Co., Muncie, Ind., may be paid.
Mr. Adams, in his petition, asks permission to sign a petition under which C. B. Tate seeks to take over assets of the Lockett-Tate Co.
Owes [dollar:$9666]
Mr. Adams points out the company owes the bank [dollar:$9666]. He says the company is operated by a receiver, and is indebted in the sum of [dollar:$61,122], actual value of assets being doubtful.
Expressing the opinion that the liquidation of the company would yield no more than 20 per cent to creditors, Mr. Adams seeks to join other creditors in sanctioning a settlement proposed by T. B. Tate.
Mr. Adams said that Mr. Tate has proposed to purchase assets of the company for [dollar:$14,500]. The money would be distributed pro rata in full payment of respective claims.
Would Waive Claims
T. B. Tate and J. Waller Tate would waive claims in the sum of [dollar:$11,759.58] against the company in case of sale.
Mr. Adams would not verify rumors that payment of a [dollar:$70,000] loan may be made by the Hemingway [sic] Hemingray Glass Co., formerly a Covington industry. The amount was charged off in a report made recently by federal bank examiners to the comptroller of the currency.
Properties of the Hemingway [sic] Hemingray Co. have been reported taken over by the Libby-Owens Glass Co., New York, in which case the local bank may be paid in full.