Reelcraft Pictures Corporation Placed in Receiver Custody
Exhibitors Herald, 1922-06-24, Page 30
Reports that Reelcraft Pictures Corporation has been placed in receivership following an involuntary bankruptcy petition, with liabilities exceeding assets.
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Reelcraft Pictures Corporation Placed In Receiver Custody
(Special to Exhibitors Herald) NEW YORK, June 13— A receiver has been appointed for Reelcraft Pictures Corporation by Judge John C. Knox following a petition in involuntary bankruptcy filed in the Federal Court.
Liabilities are placed at $160,000 in the petition and assets at between $50,000 and $75,000, consisting largely of uncollected royalties. While the visible assets disclosed are more than $50,000 the nominal assets at present are only $3,000.
The indebtedness of the company is for money advanced, work in various studios and merchandise purchased. Complaining creditors are Bud Comedies, Inc., L. Bernstein and J. F. Rothschild.
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