[D8625G1], Memorandum, Edison Electric Light Co of Europe Ltd, November 22nd, 1886

Item

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Abstract

Memorandum concerning founders shares of new Continental Company. States that the 7782 founder shares and the bonds of $100,000 with all overdue coupons will be deposited with a Trustee. Bonds to be computed at 50% of their face. Founders shares to be held for equal security of said bonds and coupons and other claims, not to exceed $25,000 as of May 1, 1887. Directs how income from founders' shares (except a sum of $500 per year) is to be applied (paying interest on bonds, then interest subsequent to May 1, then pro rata princiapl of bonds). If by May 1, 1888 all interest on bonds and on claims has been paid, European Co. has 5 years additional in which to pay prinicipal. If interest is not paid (or if principal is not paid 5 years later), founders shares divided equally among bondholders. Otherwise, founders' shares to be transferred by European Co. to a new Co. to be organized with $500,000 capital. Directs how capital and shares to be distributed in that case, and notes that it is subject to change, "as long as the same practical results are accomplished."

Date

1886-11-22

Decade

1880-1889

Type

Identifier

D8625G1

Folder Set

D8625

Title

[D8625G1], Memorandum, Edison Electric Light Co of Europe Ltd, November 22nd, 1886

Microfilm ID

79:477

Publisher

Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University