Trustee Fred. Pfaender

Petitions Court to Dispose of

Entire Creamery Holdings.

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REFEREE HEARING SET FOR FRIDAY MORNING

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Receipts Aggregate $16,762.35

to Date.–Employees Paid

Off in Full by Trustee.

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Upon petition of Fred. Pfaender, who is trustee in bankruptcy of the defunct Minnesota Central Creameries, Inc., asking authority to sell the property of the bankrupt concern, free of liens and claims, Horace W. Roberts, referee in bankruptcy at Mankato, has ordered a hearing on this petition, Friday morning, February 26, at 10 o’clock. At that time, creditors and persons interested in the proceeding, will be required to show cause why the trustees should not be authorized by the United States district court to sell the property as petitioned for.

Bid Received

Trustee Pfaender reports that he has received one bid for the local plant of the Minnesota Central Creameries. If the offer submitted is acceptable to the referee and the creditors, at the hearing, it is probable a sale will be consummated, and possession taken as soon as the details connected therewith have been arranged. This would mean the re-opening and operation of the plant in the near future.

All lien claimants, other creditors and persons interested, who have or claim any lien against, or interest in, the property of the bankrupt con-cern, were given 10 days’ time in which to assert such lien of claim by filing in the referee’s office a written statement, and mailing a copy to Trustee Pfaender. The latter was given five days thereafter, in which to reply to the claimants.

If the United States district court at Mankato grants authority to sell the defunct company’s property free from liens and claims, such order will include a provision that whatever liens or claims are held to be valid, either before or subsequent thereto, shall become liens and claims against and to the proceeds of sale realized thereon, and to the same extent as they were valid against or to the property itself.

It is further ordered by the referee that creditors and persons interested, failing to assert their liens or claims as required in his order, shall be estopped and barred from asserting or having any lien or claim in, to, or against any part of the property.

Employees Paid Off

As was stated in the Journal at the time, Referee Roberts declared the wage claims of employees of the bankrupt company as preferred claims, and these have since been liquidated in full by the trustee. The aggregate amount of these wage claims was approximately $1,000..

New Ulm Review,

Feb. 24, 1926

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