Winnipeg Free Press

Winnipeg Free Press (Newspaper) - February 8, 1965, Winnipeg, Manitoba Winnipeg free press monday february 1965 bid to Check Sale of foundry fails or. Justice Gordon c. Hall of court of Queen s Bench has rejected a move by five creditors of the bankrupt Dominion foundry to checkmate a Sale of the firm s assets and Plant to a group of Winnipeg businessmen. The business group operating As Hercules investments limited have paid in the Only bid for the assets received by the bankruptcy inspectors monday when the decision to accept this offer taken by three of the five inspectors. Work has already begun put Ting the foundry closed Down since Early last summer Back into commission. It is hoped it will be in operation within a few weeks and the 80 employees Back at work. Dominion foundry s Mil lion bankruptcy began in october with a petition by Lipman hold Ings limited whose claims against the foundry company and two associated companies d. Smith and sons limited and International heating and Supply limited total an estimated 000. Both d. Smith and sons and International heating went into bankruptcy following separate petitions. Thursday creditors meetings of both companies were told by their trustee in bankruptcy c. H. Flintoft that there would be Little or nothing Avail Able for the unsecured creditors whose claims run into tens of thousands of dollars in each Case. Max Smith president and Gen eral manager of All three firms until he resigned after the bankruptcy proceedings began said late Friday that an Appeal would be launched against or. Justice Hall s decision. The Manitoba court of Appeal will be asked to hear new evidence on the circumstances surrounding the inspectors decision to accept the Hercules bid he said. Or. Smith said in a statement Friday that he proposed to ask for government investigation of the bankruptcies and of the Sale of Dominion foundry s assets to Hercules investments. A spokesman representing lip Man holdings interests has said however that or. Smith was also expected to be asked to testify on oath under the terms of the Canada bankruptcy act about his management of Domin Ion foundry during the is months leading up to the bankruptcies. Since Max Smith s resignation the three bankrupt companies were controlled by his two Broth ers Arthur and Harry and their brother in Law David Jacobson. All three men Are expected to be eczema itch to Jolt skin ble Musheg on. Face or body. Eczema red scaly itch inc skin and athlete s foot Quick or relieved by mesoderm. Antiseptic action Leals. Helps Mace skin softer smoother clearer. Asic your druggist for Nix Oder ointment and soap. Help clean Clear and revitalize your skin. Look better fast. Moving across the City across the nation anywhere in . Us 3-5412 ii to Beaver moving storage co. Agent for ally cd Una investors Syndicate limited s. G. Halsall or. H. S. Manager of investors Winnipeg no. One Region is pleased to announce that or. Halsall s production of Over during 1964 has placed him among the sales leaders of the company in can Ada. Investors Syndicate and investors Trust company Are subsidiaries of the investors group the largest company of its kind in Canada three affiliated Mutual funds Are investors Mutual of Canada Ltd., investors growth fund of Canada Ltd., and investors International Mutual fund Ltd. Come directors of the new com Pany proposed for management if the revised Dominion foun dry. Principal names in the her Cules investment Deal Are Max Reed Max Schnier and David 5prn. Or. Schnier is another brother in Law of the Smith fam or. Justice Hall Friday Dis missed argument by Roland pen Ner acting for the four Credi ors that the Hercules bid had been taken too hastily and with out enough time for intelligent competitive bids from other com Anies supposedly interested in dying up the foundry. 3 names off originally eight names were isted in the court action to Block he Sale to Hercules but or. Penner agreed when he began Lis argument thursday to have three withdrawn from the list. However or. Penner said Giese three and one other of the creditors were contacted by representatives of Hercules with the threat that unless they withdrew from the action dire economic consequences would follow. Or. Penner told or. Justice Hall he would be filing material in court in support of this allegation. He said he was not calling into question the substance of the bid itself. Or. Penner out however that after Dominion foundry s preferred creditors had been paid and the Mustee t. L. Barton of the Canadian credit men s association Ltd., had had his fee there would be Only about for the More than in unsecured claims about 2.5 cents on the Dollar. Or. Penner called this a Tup Enny a Penny Good Faith or. Justice Hall in his decision Friday said he Felt the three inspectors who accepted the Hercules investments bid monday did so in Good Faith and without fraud and in the Best interest of the creditors he awarded costs in this action against the creditors who brought it. These include Winni Peg lawyer and financier Aub Rey Halter who is one of the inspectors but who left a meet ing last Friday when the other inspectors declared their Intel Ion of proceeding with the bids that Day As had been originally intended. Or. Halter in his sworn statement in support of or. Penner s motion said that it lad been agreed by the inspect ors Jan. 28 to postpone opening Enders for another two weeks rom the following Day. Sworn statements by the other inspectors who supported accepting the Hercules invest ments bid and by or. Barton Iii self denied or. Halter s allegation. It is understood that a Condi Tion of the Hercules bid is that it will be dealing separately with the secured creditors of Domin Ion foundry principally Lipman holdings and the Industrial development Bank. The Ide has a chattel Mort Gage against the Dominion foun dry property and the d. Smith and sons International heating and Supply properties in the Jar vis and King Street area. Irwin Dorfman counsel for Canadian credit men s association the trustee in the Dominion foundry bankruptcy told or Justice Hall thursday that the ids had announced its intention to foreclose its claim again the three properties feb. 24. At thursday afternoon s Credi tors meetings of smaller firms bankruptcy creditors it was Learned that the City o Winnipeg was prepared to pay for its expropriation o the two properties for the lore Selkirk development. This offer it is understood will expire feb 15. I it has also been Learned tha the Hercules investments bid although it offers Only about 2.5 cents on the Dollar to Dominion foundry s More than 200 unsecured creditors with their 000 claims May involve the buy ers in an outlay of As much a this would include meeting the secured claims of Lipman holdings according t a new the industries development Bank to gather with interest at a Day Arlington management City taxes of and the Al ready announced if the interests in Hercules in vestments can also gain Contro of the bankruptcy assets of d Smith and sons and International heating they would fall Hei to the City expropriation offer o at present if they were to fail to do Thi it is understood they would hav to meet the id claim As being against Dominion foundry alone and the unsecured creditors o the two smaller firms would receive their share of the City pay ment for the properties. However at thursday s Meel Ings the same five inspector were elected to supervise the bankruptcy proceedings of Bot firms with the trustee or. Flint Oft. All five inspectors had the support of the Hercules invest and Lipman holding interests and were elected i spite of Small but vocal opposition of Max Smith As a pm Tor of both companies an some others associated with him the traditional melting pot concept so dear to canadians and americans does not exactly apply to indians the director of Indian studies at the University f South Dakota said sunday. Or. James Howard addres ing the Indian and Metis conference at the Royal Alexndra hotel said that while a eking More and better Job opportunities More and better education and better health indians also insist upon the right to maintain their identity s indians they do not subscribe in ther words to the melting pot Leory of White americans and he said. Or. Howard said that unless a Ivson or group is allowed tide in itself All else is liable to ail. He said that some indians says indians Don t favor melting pot have left their native surround Ings and assimilated with the non Indian population. Though Indian in physical appearance they have completely abandoned six year old Hurt on Transcona Street Donald Petrie 6, of 435 Melrose Avenue West trans Cona was reported in Good condition in St. Boniface hos Pital after being injured in a car pedestrian collision in Transcona saturday afternoon. Police said the Accident occurred on Regent Avenue West As the boy was crossing the Street from North to South Between crosswalks. He was in collision with a car driven by William Dow Topoluk 19, of 232 Regent Avenue East. Indian culture and live in terms of Mcwhite Mah s often such individuals Are annoyed when reminded of their Indian he added. Or. Howard said that Fie Felt it was a Basic Lack of under standing of the Indian by non indians that plays a great part in preventing the Indian from taking his place in society. He said that in the . There Are two attitudes towards ind ians. The first is one of Complete assimilation. Need less to say proponents of this idea fail to see any value whatever in Indian he the second attitude he said was that of trying to preserve indians As living museum specimens of an ancient past. One Hopes that in achieving economic self sufficiency in the modern world the new generations of . Indians will take increasing Pride in their Indian he said. May we Hope that in time they May teach their White Brothers something of their philosophy of Man living As a part of nature rather than its conqueror 0 r that Indian music dance crafts and Folk lore will not be preserved solely in anthropological monographs but become a living part of the mainstream of Canadian and american stamp for Churchill London a postmaster general Anthony Wedgwood Benn has announced that a stamp honouring sir Winston Churchill will be issued later this year. Does your memory fail you a noted publisher in Chicago reports there is a simple tech Nique for acquiring a powerful memory which can pay you real dividends in both business and social advancement and works like magic to give you added poise Confidence and popularity. To acquaint the readers of this paper with the easy rules Tor developing skill in remembering anything the publishers have printed full details of their self training method in new Book adventures in free to anyone who requests it. 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