WANTS THEM TO PAY BACK

WANTS THEM TO PAY BACK

MONEY RECEIVED FROM MICH - SAVINGS & LOAN ASS'N

Receiver has Started Suits Against Stockholders - Some Ann Arbor People are Interested

The visit of United States Marshal Bates to this city some weeks ago, when he served papers on certain parties who had held debentures of the defunct Michigan Savings & Loan Association, seems to have been for the purpose of having them appear as defendants in a suit begun by the receiver of the company to recover moneys paid out when it was insolvent. The following appeared in a Detroit paper Saturday concerning the matter:

"Ralph L. Aldrich, receiver of the defunct Michigan Savings & Loan association, say the suit against certain stockholders who, it is alleged, pulled out 100 cents on the dollar when the concern was insolvent, will not likely come up for trial before the first of the year. It is reported that the smaller stockholders will not enter an appearance allowing those who were more heavily interested to fight it out. This will save them the expense of litigation and if the big fellows lose they will be obligated to pay their percentage anyway."