A Receiver HOR Law Suit

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A Receiver HOR Law Suit - of lot lot In a size For the Firm of Hooven,...
of lot lot In a size For the Firm of Hooven, Owens A. Rentschler ASKED FOK BT Bl COY. CilPBELL. 'ht Petition Filed Thi* Afternoon-It Afternoon-It Make* a New Turn in the Affair* BEiIEEI CAMPBELL AID TBE GO. i RECEIVER »f tk* did sir. Cempb.ll AI1.CO. That he Is • Stockholder Stockholder aid k»s Dot the Prlrtl«f * to see the Book»-Th»t his RtooL hu Earned Dividends Which h« hu not Received •ad Which ere Kc-fased Hlm-ue Therefore Therefore Preys for th« Appointment of > Buelver far thi) Firm of Hooven, Owens * lUDtKhler -The Petition ana Itn Allegation*. Allegation*. The matter of ex-Governor Campbell and tbe firm of Hooveu,Owens& Rsntscb- L*r has taken another and a more sensational sensational turn. This afternoon Mr. Campb;ll made application for thi appointment appointment of a receiver for tbe manufacturing manufacturing concern. The style of tbe petition Bled is— James E. Campell and Ladora S. Owens, plaintiffs versus The Hooven, Owens & Rentschler Co.,—John C. Hooven. Henry Sohn. George Adam Rf ntschler, George Helvey and C O Bichter, defendants. Ihe Petition. The plaintiffs sap tbat the defendant. The Hooven, Owens & Rentschler company company Is a corporation created and organized organized under the laws of Oslo and engaged engaged in manufacturing at Hamilton, Butler county, Ohio; that the defendants Jobn C. Hooven, Henry Sohn. George Adam Rentschler, George Helvey and C. 0. Rlchter do now constitu e and lor many years have constituted the board directors of said corporation; and du:- g that time, have owned and now own U the capital stock thereof, except that med by the plaintiffs, said entire capl- one tbe e'- ex the o: was and the sud time the o a B a Cnta, wl l .1 stock consisting of 3,500 shares of $100 ach, of which only 1805 shares have been lid up or Issued. They further say that prior to the later later part o« the year 1892, the plaintifls •ned two hundred and twenty-two bares, and one hundred and eleven hares respectively, of the said stock, twing then also the oi.ly stockholders, xceptthe said directors. All of slid ock of plaintiffs (save and except wenty-five shares and two shares here natter mentioned) were pledged before .at time to secure tbe loan of a large nm of money, which, however, was only aout one-fonrth of the value of said lock, and tha: said directors aforesaid new of tbe existence of said loan and be nature and details thereof. Prior to nd including January 1, :S92, said dlrec- ors bad declared and paid large divi- ends, especially the LAST TWO OR THHEB ears prior thereto, which, as said di- ectors knew, were applied (so far as tbe ledged stock above named was concern- d) as credits npon the loan lor which tie same was pledged, with the result of apidly reducing said loan, so tbat plain iffs would sooa have been able to payoff aid loan and redeem the said stock If he payment of just dividends liad been ontinaed but said directors wrongfully nd fraudulently conspired together for he purpose of preventtngplalntiffs from edeemlng said stock, and for the pnr- oie of obtaining the same for thern- elves at a small percentage of its actual aloe, and, In pursuance of said consplr- cy failed and refused to declare any div- d;nds during the year 1892 after Janu- ry 1, altbongb tbe net earnings of said company for that year were fully eighty er cent, Lf Its capital stock. Having thereby embarrassed plaintiffs n their efforts to redeem said stock said directors, through one of their number, to-wit; George Adam Rentsch.- er, obtained tbe said stock by the pur- hise of the loan for which It was pledged, the same being purchased from L Trust company, the trustee bolder .hereof, under the belief on the part of ;he officers of said Trust company growing ont of the representations of the said Kentschler and his co-directors) .hat the purchase was made In the in- erest of these plaintiffs and at their •equesl, and for the purpose of giving :hem additional time in which to pay oft laid loan; and said LOAN WAS IN FACT purchased by said Rentschler in con- 'ormlty to his promise and agreement made before that with said plaintiffs that he would purchase and hold same for their benefit. Said stock was trans- 'erred to the said Rentschler and through him to his co-directors, with Jnll notice and snbject to all the rights of plaintiffs, the same being held before that time by a trustee for these ilalntifls. The said directors had full knowledge of saip trust and stepped Into Into tbe place of said trustee, and took upon o*t and dend and day on less In the said entire save shares named, during are twenty-five thereon, or there to less that obtain made t ;en er of and held, Die or directors have that them as ever, to use said cient them trol bave to to just said .o said or stockholders' and said no wrongful out 1S92 for as say be of be stockholders for a over said stock with the wrongful p and fraudulent Intention of defeating the said trust, and of securing the said stock for abiut one-fourth of its value. In pursuance of said conspiracy conspiracy they refused to surrender to tbe e plaintiff! the said stock upon the payment payment of the amount for which It was pledged, Including all the Interest and expenses, although said sura In full wai teudered them by plaintiffs, and wrongfully wrongfully and fraudulently converted the lame to their said me during the latter part of the year 1992. In addition to the Mock, pledge* at aforesaid, the plaintiff, James E Campbell, Campbell, was the owner of twenty Bye •hare*of said stock, and tte plaintiff, Ladora 8. Owens, was the owner of two shares of said stock. The lame was duly reflitered In their respective iane» on the books of said company, and evidenced by slock certificates IB their respective names. The UID cMTtricvris art still out-itaadlDg In their respective names. Said plaintiff, Jam** E Camp, bell, I* in pWMWlou of his certificate* for uU stock but the defendant I* wroaf fnllT the nstodjai of the cartl- IcMt ol MM Uton 8. Owens, and re fa** (tarn** It* president) to deliver tli* **•• t* k*r OB desiand. PUlatifi firtk*r *ny taat after wrtcfdUj *kulil*l tk* M> »b*r<* F. is

Clipped from
  1. Hamilton Evening Journal,
  2. 19 May 1894, Sat,
  3. Page 5

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  • A Receiver HOR Law Suit

    cruther64 – 30 Jun 2013

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