NAPIER COMPANY BANKRUPT. Publication: The New York Times Date: 12 April 1907 Topic: Napier |
BOSTON, April 11.—On the petition of three Boston creditors, whose claims aggregate $1,300, Judge Dodge appointeed today Arthur J. Farnsworth as receiver of the Napier Motor Company of America, manufacturers of automobiles. Mr. Farnsworth is Vice President of the concern. The creditors also filed a bankruptcy petition against the company. The Directors admitted the inability of the concern to pay its outstanding obligations, and expressed a willingness to have it adjudged bankrupt. The liabilities amount to $140,000. The assets have not been estimated.
Mr. Farnsworth said that in all probability the corporation would be reorganized.