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DO.OTO.R
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To intet a stab of qu Jramená Joemisteni
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There is no doubt that Mr. Williams on our behalf accepted
the dead as binding and making you a full secured creditor, and we
understand his spinion was subsequently confirmed by a representative
of one of the oreditors, Messrs Marke & Cohn, who, we were given to
Canderstand, had obtained local legal advice as to its effectiveness.
About this time we were advertising the business for sale
as a going concern and shortly after we nearly negotiated a sale.
However, to keep the business together, 1.e. retain the agencies for
the purchaser which naturally enhances the salesable value, we wrote
on 27th November to the principal creditors confirming our cable of
the 23rd November, asking them to stay action and we then informed
them that we anticipated being successful in disposing of the business
in which case it appeared that all creditors will be paid in full.
Subsequent stocktaking and heavier debts than were
anticipated by Mr. F. Heermann (who still maintains the business is
solvent as a going concern) disclosed the fact that a deficiency would
eventuate and an offer for the business of $1000,000 which your Bank
was agreeable to accept confirmed this state of affairs.
Between 20th January and 2nd February cables to and from
the London creditors disclosed the actual position including the fact
that your Bank was a secured creditor and little, if any, dividend
could be expected on unsecured debta,
Rightly or wrongly the London creditors claim they should
have been informed in the first instance of your deed on 12th
August and they ask to be assured of its legality.
We have, therefore, taken Counsel's advice as to whether
the above deed constituted a valid pledge of all the goode in the shop.