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Reorganization Plan Submitted
Filing of the report coincided with the submission to Vice Chancellor Church of a plan by S. P. Woodard & Co. , Inc. , of New York to reorganize the Kolster Company. The court directed interested parties to show cause on September 16th why the offer should not be accepted.
The plan contemplates putting $4,050,000 into the reorganized company and is made contingent on reaching by September 33rd a satisfactory method of discharging Kolster obligations totaling $1,359,536. 14 by Messrs. Spreckels and Dietrich, and $3,098,541. 53 by the National City Bank, guaranteed by Messrs. Spreckels and Dietrich. It is proposed to do this by means of stock transactions.
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R.M.A. SEEKS TO RESTRAIN SOUTH CAROLINA SET TAX
Three law suits opposing the new South Carolina tax on radio receiving sets have been filed in the Charleston Federal Dis¬ trict Court at the instance of the Radio Manufacturers1 Association.
The South Carolina radio tax law is the first imposed by any State. The South Carolina law would levy a graduated tax of from fifty cents on radio receiving sets valued up to $50 to $2.50 on sets valued more than $500.
That the entire communication of radio programs, from the broadcaster to the owner of a radio receiving set, is inter¬ state commerce subject only to Congressional regulation and not to State or local taxation is contended in the test cases.
f Station WBT, of Charlotte, N. C. , an individual owner of
a receiving set; Hugh A. Ray; and a radio distributor, The Louis D. Rubin Electrical Company of Charleston, are the plaintiffs in the test law suits. The defendants are the State and local tax officials.
An injunction restraining the collection of the radio tax from the 50,000 owners of receiving sets in South Carolina is asked.
John W. Van Allen, of Buffalo, General Counsel for the Radio Manufacturers’ Association, is in charge of the test litigation.
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