Treharne Charges Agencies

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Treharne Charges Agencies - Charges Agencies Operated In Violation of Law...
Charges Agencies Operated In Violation of Law Spencer Treharne 7,.' t ' p . j *• ••' Named in Injunction'"''" A state court today seized control of two El Paso, insurance insurance companies h e a d e d' by Spencer S. Treharne after Attorney Attorney General John Ben Shepperd charged both were organized organized and operated in violation"of law. .;'. Shepperd got a temporary restraining restraining order against Treharne** United Lloyds and the 'United' World Life Insurance Co. at 100 Texas street. ;; . 1 Rudy G. Rice, assistant attorney general, said the two companies ara more than $600,000 in the red. ;.Thousands ;.Thousands ot Policies . : He He said the companies are unatils to pay claims to policy holders, w|io are numbered in the thousands and are scattered all over the U. S. _''~, Mr. Rice, armed with the /retraining /retraining order, halted all business perations of. the -insurance companies companies and closed their El PasTo offices. He said the state is seeking a'.p- jointment of a receiver to liquidate he companies as a protection ; to policy holders and creditors. "We are seeking to tie up all assets of both companies until a receiver is appointed," Mr. Rice said. Hearing Is Set The next legal step will tie a hearing the 98th District Court at Austin on the stale's request request for .a'f temporary injunction, which will tie followed by a hoar- ing on the request 'for a receiver. The Austin -court: granted the '.tern-', porary restraining .order yesterday. Treharne was'in': Albuquerque"tp- day. He told.Rice.he will return to El Paso Monday. : • . A former .Upper Valley resident, Treharne has been living recently in Ruidoso and commuting to El Paso in an airplane.;* ' • . I. Seek to Tie Up. Residence '.;• The state charged that insurance company funds were "intermingled" with Trcharne's own funds. It seeks to tie up r his former Upper Valley in as in in of residence, naming Blanche M. Treharne, Treharne, his former;wife, as one of the defendants irr.the'.'.civil action;' The state also seeks. to prevent Treharne-f qom disposing .of the air- ' prevent' removal, of company assets from' the Ruidoso property,-which it says was designated designated by Treharne as a "summer home for employes." Names ( Other Outfits The restraining order also names Treharne a defendant as an individual individual and as Spencer-S. Treharne doing business as Armed Forces Insurance Insurance Underwriters, Air Forces Insurance Underwriters, UniVed Military Insurance Underwriters, United Services Insurance Underwriters, Underwriters, Military Personnel Underwriters,'and Underwriters,'and the Spencer Treharne Agency, and Tex'-Spence Properties. All the companies' officers, directors, directors, agents, underwriters and em- ployes are restrained! by. the.'order from operating or transferring*assets. transferring*assets. , , ~.^.z All Si Paso banks are restrained from transferring any of the company company assets. Corporations whose slock the insurance insurance firms own are restrained from transferring the stock. The. attorney general's petition for the restraining order against (Continued on Page 12, Col. 3)-

Clipped from
  1. El Paso Herald-Post,
  2. 29 Jan 1954, Fri,
  3. Page 1

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  • Treharne Charges Agencies

    mereasner – 24 Jun 2013

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