Kalbfleisch bankrupt, Brookfield receiver

Selling the Kalbfleisch Assets.

The syndicate that has been purchasing the claims of creditors of Martin Kalbfleisch's Sons at twenty cents on the dollar, succeeded in buying four-fifths of the claims outside of the mortgages, which amount in the aggregate to $583,000. As matters have not been improved by delay in the settlement, Receiver Brookfield applied to Justice Bartlett of the Brooklyn Supreme Court for instructions after detailing the progress made, and the Court authorized him to offer at public sale some time in September the capital stock of the three factories. The Bushwick Works has double the capacity of the other two and was originally capitalized at $600,000. It is mortgaged for $250,000, and of this amount the Kalbfleisch estate is entitled to $212,000 on which the interest is due for six months. Judgements have also been filed against the Bushwick for $12,000. In the estimation of an expert the factory alone is worth about $100,000. The Buffalo and Bayonne factories have a joint capital stock of $80,000, and mortgages of $245,000. It is said that the Bayonne works could not be duplicated for less than $100,000 and that $125,000 would cover the value of the Buffalo concern, not including the real estate. The store building on Fulton street has a mortgage of $80,000. The sale is expected to result in a sacrifice of all the assets. It is believed that the syndicate will endeavor to get good prices for the property by bidding against intending buyers in order to realize as large a margin as possible on the purchased claims.

Mr. Hasson H. Wheeler, the assignee, has not acted in his official capacity, as the Court only recognized Receiver Brookfield.