M. J. Gannon's Estate.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 497, 23 August 1890, Page 2

M. J. Gannon's Estate.

At a meeting of the creditors of M. J. Gannon yesterday afternoon, to canaider an offer made by the debtor, about 13 creditors put in an appearance. Mr Rees, who appeared for the debtor, proposed an offer that the creditors should allow Mr Gannon to get the Pukemauri Block surveyed and taken through the Commission Court, tho charges of the survey and court to be a flrat claim against the estate. He said Mr Gannon had nothing else besides this, and the land would bring about £2,500 before clearing expenses. He thought it would be advisable for the creditors to accept it, as the debtor was trying all he could to get them something. Mr Ward proposed that the offer should be accepted. Mr Maude seconded, saying that he thought it would be unbusinesslike if it were not accepted, and they should try and get all they could as long as they did not have to pay for it. Mr Townley said he thought Mr Gannon had better get it done, for they did not know what they had to deal with now. Mr Gannon had himself told him that Mr Gully had a lien of £7OO over the block. He be*lieved the value to be about five shillings an acre. Why had not Mr Gannon got it into order in the better times ? This very block had been put into the hands of trustees, and then nothing was done. He did not believe that the creditors w„uld get a farthing in this block at all. The inducement was to get Mr Gannon a release, but he (Mr Townley) thought in this case they should be shown something better than that offered before they could give him a release.

Mr Ward : If he does not carry out the composition he will have to go into bankruptcy. I have seen the land myself, and it is good land.

Mr Adair: But you are no judge of land. Mr O’Eyan said no surveyor here would take the risk of surveying the block, because there was such a poor chance of getting paid. Mr Rees said he thought there would be something got out of it.

The Deputy Official Assignee Baid there would be nothing got out of it if it were left in his hands.

On the debtor’s offer being put to the meeting, there were ten for, and three against. The amount of debts for those in favor were £4OO, as against £2OO against. The Assignee eaid that if hie expenses were not paid he would not call a meeting for the adoption of this resolution. He had been put to a great expense, having posted abont 300 letters, postcards, &c, Mr Maude : Had you better not prove la the estate ? (Laughter.) The meeting then closei.