THE SPRING 1899 (part 1) On January 19th 1899 was an extraordinary general meeting of shareholders and a voluntary liquidation was proposed. Robert Pattison says at the opening Every one knows that when he borrows money he is largely within the power of those who lend it, but I never expected to realise in my own person the adage that the borrower is a servant to the lender. I thought I was rich, but now I am penniless. March 9th 1899 the estates of Robert Pattison were sequestrated. Interesting is the stock price of the Preference share (Nominal £10) March 6th it is only 16s but one week later it was 43s 3d. People speculated as it was said that a London syndicate (Ocean Accident and Guarantee Company) would buy Pattison with following conditions: - The secured creditors would be paid in full - The unsecured creditors 13s 4d would get in the £ - The preference shareholders were offered shares in the new company worth £6 5s for every £10 share
Posted on: Wed, 17 Dec 2014 19:23:52 +0000
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