These new banks did not have to redeem their notes in specie
, but could redeem them merely in notes of the Bank of Kentucky.
In the Matter of GERARD BRADY LIMITED (In Voluntary Liquidation) AND IN THE MATTER OF THE COMPANIES ACT 1963 - 2013 At an Extraordinary General meeting of the above named company, duly convened and held at the 21 Belvedere Place, Dublin 1 at 10am on 11 November 2014 the following special resolution was duly passed: "That the company be wound up voluntarily by way of a Members Voluntary Winding up and that Niall Byrne be and is hereby appointed Liquidator of the company for the purpose of such Winding Up and that the Liquidator be and is hereby authorised, in accordance with the Memorandum and Articles of Association of the company, to distribute the whole part of the assets of the company amongst the members in specie
Based on our research we still believe that there was $400,000 in specie
that went down with the ship, which, if correct, means we've only recovered about 25% of what should be down there," commented Greg Stemm, Odyssey co-founder.
The ship, en-route from New York to New Orleans, was reportedly carrying $400,000 in specie
(1865 face value) when it sank.
Atlantic Mutual insured and paid a claim on $45,000 in specie
, $96,313 in general cargo and $150,000 for the hull and became the subrogated owner of hull and cargos on the SS Republic.
South Crofty is advised that it is Crew's intention to distribute the 6,200,000 shares to the Crew shareholders as a dividend in specie
on the basis of one South Crofty share for each 20 Crew shares held.