*

The Guardian, Chinrottotows, Mon. Nov. 28, 1988. 7) Atlantic Acceptance Corp. Control May Go To U.S.

By KEN SMITH Senior noteholders normally

Conafian’ Prons-Meshents ‘Sitter |haney net ean ae, Secmalln TORONTO (CP)—Senior note- any insolvent .

holders of insolvent Atlantic! The coalee “netshatacee’ fresh Acceptance Corp., warned that |support for the GAC purchase the finance company’s losses plan came in the form of an could run as much as $25,000,- overwhelming vote against a 000 more than first expected, proposal! by the subordinated have voted to supvort turn-|noteholders to reorganize Atlan- ing its management over to a tic, infuse fresh capital and United States firm. |management and try to put it

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Acceptance Corp. of Allentown,| The noteholders’ meeting was

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called by Montreal Trust Co.,

Pa. interim manager is subject |Atiantic’s receiver and. truste » to approval by the courts. to consider possible moves Dresses NEEDS

At the same time the senior Made necessary by delays fol-, @ Children's eee noteholders repeated their over- lowing the courtroom develop e a . Gift Wrap whelming support of a bid by | Ments. : Culldren’s’ GAC to buy part of Atlantic's; During an interntission some Sid-Jac' —

~ assets. The GAC bid was first |BOteholders discussed openly for oo y

approved by them Sept: 17 and |the first time the possibility of HOLMES & Supplies : later won court approval, but |much sharper losses than had MARITIME last week subordinated note- been expected. last summer. _ » BRADLEY STATIONERS LTD. holders were granted permis-, ©ne senior noteholder ‘said his Queen * St. annie < sion to appeal the court ruling, |Company now would be happy to | Ch’town Boasae Chedatetowe

The subordinated noteholders, |8et 75 cents on the dollar, while with claims against Atlantic |@nother said there have been totalling $29,000,000, oppose the ce ee of sonar * : GAC take-over plan on grounds |!antic notes around Toronto ' , it would leave few if any assets | cents on the h Turkeys and Gifting At The ~

Geese

to meet their demands after | «wHIsTt G D taking care of senior notehold-| jG. ~ wer of ae tecatrasl| ers, with claims of $103,000,000. Trust told the meeting he sees | jmo reason to change his early T 6 estimate that Atlantic’s assets 25 ristan j should realize about $100,000,000 | : '—but one noteholder said later he was “whistling in the dark.”

Natives Hea "The proposal to make GAC

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ES interim ane Atlantic . ; ott oa was, presen alter Stroth- i : 4 Plaques f or Britain oa GAC vice-president. \ g Grafton St. 4 ad at ‘ : fe © Wall 7 He told the noteholders the § | Sambo Dedede Deeded — a a AOE PE pee ree dies ee ON @ Silver Wear

SOUTHAMPTON, Eng!and {action of the subordinated note- (Reuters) — Farmer - fisher- | holders could delay implementa- man Edward Green arrived |tion of GAC’s purchase plan here to pave the way for 25| til next May or June—but his man Edward Green has arrived | firm could not afford te stay natives of isolated Tristan de |around that long.

Cunha who have decided to re-| His proposal was for GAC to turn to Britain. }take over Atlantic’s operations,

It was Green's third 7,000-mile | ‘running it as we think it should trip between Britain and the |be."" and taking 10 per cent of windswept island off the Atlan-|the loans collected as a fee. tic coast of South Afriea. | If the GAC purchase plan

In 1961, 267 of the island’s pop- finally was approved by

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them decided they preferred the! Mr. Strothman said the ‘island to Britain’s overcrowded — plan —e the housing, -laden atmos |hope preventing a end pang i oe jdeterioration of Atlantic’s

Now 25 have changed their |He estimated it would minds again. They are expected {$1,800,000 in fees during the next to take the long trip back to | six months—of which 75 per cent N England in March. could be returnable—but proper ‘ Hi icine

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mepnapinent ara a, ae. M | |imum protection "sg ; Plane el “‘Without that protection, At Give A Gift Certificate Is Presented \lantic’s losses could ‘run to an

additional $20,000,000 to $25,000,- t IG TTAWA (CP)—A _five-foot- 0. he said. sides wide model of the Vickers Vimy, Donald H. Tetzlass, chairman aE My NN which made the first non-stop {of @ committee of susertneie’ ~ ¥UUQ AVA transatlantic flight June 14-15, noteholders, mycaoysee . r ; a vie 1919, was presented to the Na. | meeting briefly read — ae® i Vf oF J 4

: |statement, then walked tional Aviation Museum here. | He said Montreal Trust haa

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The presentation was made by | fulfilled its duty a ’.UlC( PW 72 David Boyd, vice-president of | not properly fet os sc ° 3 3 5 9 : Rolls-Royce of Canada Ltd., |W the subordinated noteholders agg - 1% Adefla's Millinery

which built the First World War |224 oe continue = bomber’s two, 360-horsepower | sition to the GAC purchase engines. i before the courts.

The 1919 flight from Lester’s Field in St. John's, Nfid., to a bog near Cliften, Ireland, by pl- lot John Alcock and navigator Arthur Whitton Brown was | made eight years before Charlies Lindbergh's solo flight from New York to Paris.

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