The largest creditors were the paper supplier, Bulkley Dunton Co. ($154,406), Art Color Printing Co. of Dunellen, N.J. ($152,908) and Edward Langer Printing Co., ($14,614). On February 20, 1929 an involuntary petition in bankruptcy was filed against the Experimenter Publishing Company on behalf of Daniel A. Walters ($2,030), Marie E. Bachmann ($2,094) and Robert Halper ($2,095). The fact that minor creditors forced the bankruptcy has nourished various conspiracy theories over the years. The total liabilities were estimated at $600,000 and assets at $182,000. Federal Judge Mack appointed the Irving Trust Company as the receiver. Hugo Gernsback spoke to the press afterward and said: "Plans are being formulated to reorganize and continue publication as heretofore. I am authorized to say this by the receiver."