The cause of this was a proposal to issue prior lien debentures to the value of 50,000, a move which would dilute the position of existing debenture holders.
The higher multiplier for subordinated debentures signifies that debenture holders are higher up the food chain if a so-called triggering event occurs.
The company was placed in receivership on the application of its debenture holders in 1912, despite the business being much more promising than for some time past.