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OUTLINE PLANS TO REFINANCE $944,000 BONDS
Fourteen Issues Will Be Reorganized.
BY AL CHASE. Reorganization plans for fourteen defaulted bond issues underwrit ten by the Home Mortgage and Investment pany, having total first mortgage indebtedness of $944,000, have been submitted to the bondholders by the bondholders' protective of which J. Arthur Friedlund is sectary. These range from $18,000 to $190,000, and the committee applying its to each. ARTHUR With the an[TRIBUNE ement of these fourteen the committee has submitted reorganization plans on fifty issues, totaling While all of the details pertaining to have not been completed on all of the issues, a number of them have been worked out and the committee is proceeding as quickly as possible to complete all details pertaining to the plans of re organization," said Mr. Friedlund In the larger issues the trustee will hold title to the property and will operate it under the direction of trust managers, while in the small cases the trustee will operate the property without trust managers.
Will Acquire Title.
In all cases the committee intends to acquire title to the property for the bondholders, either before or after the master's sale, and it'll then complete the reorganization. All net income from the property will go to the certificate in to the amount of the bonds held by them until and the then held by the trustee may be mortgaged or sold at a fair price and more substantial cash dis tribution made. Next Friday. July 15, is the day set by the committee for the consent deposit of the bonds in these issues. All bondholders who desire to join in taking over these properties should deposit their bonds with the Chicago Title and Trust company, as depositary: otherwise, they'll only receive their proportionate share of what is bid for the property, less the costs and expense of the foreclosure proceedings."
Osgood Building. Following are the issues now being reorganized: The Osgood building, 3084 Milwaukee containing two store and a loft. The original was now $30,000. Howard K. Hurwith, reports 100 per cent occupancy on April 30. 1932, with monthly Income of $117 Kosh and Scadron building, at the northeast corner of Drake and Montrose, stores, offices and flats; original issue $75,000. now $56,000; managed by former who reports 78 per cent June 25 and ly income of $300 and cash on hand $3,500. Orner building, southwest corner Troy and Argyle; eighteen flats; original issue $55,000, now $53,500; Metropolitan Trust company, reciver, reports 75 per cent Feb. 2; monthly income, $475; cash on hand, $309. Harry Brown building, 1225 North Ashland: stores and offices; original issue $135,000; Metropolitan Trust company, reports 25 per cent occupancy May 21; monthly income, $200; cash on hand, $63.
Germain Company Building.
Germain Company building, 848 Noble street; five stores; original issue $40,000, now $37,000; Union bank of Chicago, receiver, says building is vacant; cash on hand, $31. Wallin and Greenberg building, 5222 Gr Drexel seventy-one flats; $190,000 issue, now $184,500; Citizens State bank, receiver, reports entire building leased to one tenant at $1,050 monthly rental; cash on hand, $1,370. Pike building, 1215 W Inona avenue, seven flats; $24,500 issue, now $23,000; Heitman Trust company, receiver, reports occupancy 60 per cent June monthly income, $150; cash on hand, Silverman building. 1315 East 53d; two stores and thirty-one flats; $135,000 issue, now $125,000; Chicago Bank of Commerce, receiver, reports 100 per cent occupancy May 31; monthly income. $690; cash on hand, $710. Berkman building, 4602 North Mon ticello; thirty-one flats; 000 issue. do now $106,500; Metropolitan Trust com pany, receiver, reports 65 per cent occupancy Feb. monthly income, $819; cash on hand, $574. On South Kedzie. Greenwood building, 20 South Ked zie; one store, three flats; $22,000 is. sue; Joseph J. Ossowski, receiver, reports 25 per cent occupancy on June 27; monthly income, 30;cash on hand, $200. Gunderson building, northeast corner Armitage and La Porte: two stores and ten flats; $45,000 issue: George D. Crowley, reports 92 per cent occupancy on June 1; monthly income, $400; cash on hand, $671. Lurie building, 2700 North Mozart: Gas six flats; $30,000 issue; Citizens State bank of Chicago, receiver, reports 50 per cent occupancy Jan. 25; monthly income, $70; cash on hand, $44. Dornbaugh building, 4300 Indiana avenue; nine stores, three offices; $54,000 issue; Harold J. Coleman, receiver, reports 95 per cent on June 27; monthly income, $650, cash on hand, $1,700. Knudson building, 2207 North Mangel avenue; five flats; $18,000 Albert Michael, receiver, reports 100 per cent occupancy May 21; monthly income, $230; cash on hand, $343.
