Treharne - Broke

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Treharne - Broke - Friday, February Closed Insurance Company Owner...
Friday, February Closed Insurance Company Owner Says He's Broke Spencer S. Treharne said today the crash of his insurance companies companies has left him broke but that he is concerned only with clearing himself of fraud charges. Lacking funds, he said, he cannot cannot appeal a decision by District Judge Charles O. Belts of Austin 1 against him and his companies and placing them in receivership. ' Friends Lend Money "This has cost me $200,000 and the loss of everything I had," Treharne Treharne said by telephone from his Ruidoso, N. M., home. "My friends have lent me money to pay my bills in Ruidoso. I'm not ducking it. I'm interested now only in clearing my name, in not being labeled a fraud. If I can do that I can make a comeback." He said he has been "too stunned" to make definite plans. "I came up here to Ruidoso to think it out," hc said. | In its original request for a re- Straining order against Treharne ami his United Lloyds and United World Life Insurance Co. the State! Board of Insurance Commissioners charged the companies were operated operated fraudulently. No Reflection Treharne said the slate board apparently wants to change the ir , surance laws and that it moved; against him without giving him a 30-day notice prescribed by iaw.i He said the court tied up all his funds so that he cannot wage a legal fight. " j Judge Belts, in granting a tern-! poiary injunction Wednesday, said' his court order was "no reflection on Trcharnc's honesty or in-' legrily." The order was issued "upon confession confession of insolvency and consent In rp ° 1 S. panics. Can Use Personal Funds Judge Belts' decision held that all injunctive relief not expressly granted is denied. This means, lawyers said, that numerous tin-: derwriters and others who had ! . I business dealing with Treharne no nal restraining order.! '7 individuals lisled : s were forbidden tbi longer are enjomed as to Iheir per-i sona! funds. In the original restraining order.!, granted Jan. use personal funds.""NOW"they"can' > althou"h they still are defendants'P ° --'' in the case isaid. Individuals whose personal funds! were lied up but are now freed of the restrictions are Bernard J.I Wieland and Evelyn G. Wieland,! John S Tasch J W F'raser, James W. Shepparcl, Betty Jean'the Specht, Joan Gjesdale, Burl Boyer,' H. L, Hussmann Jr., Frances B. H L, Hussmann Jr., trances B. Wagenon, Ouida Douglass, 0. D. Bradford, Dorothy M. Mehl. M. Routlcdsje,, Judy Williams, Dr.; Celso G. Sfapp, James S. Patton.'CUy W. J. Conroy, Harold Duncan Jr., and George Walker. ( Will G. Knox, appointed receiver.' is now in charge of the firm's affairs. j A hearing on merits of the Stale Board of Insurance Commissioners | request for a permanent injunction against the insurance scheduled for March 1. firms is

Clipped from
  1. El Paso Herald-Post,
  2. 19 Feb 1954, Fri,
  3. Page 7

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