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TIMES. TUESDAY. DE0EM1*1 le16artAtot.idASK COURT TO TIE UPAEROFUNDSBURGLCJoak andh-yB1-Wrighta Per-vmanent Injunction PendingO$15.000hL-eI-OTHER SIDE DISPUTES CLAIMSAifSaya the Wrights Are Not Entitledto First Call on the Money on Hand!tand Disagree as to Contract Terms.•rnaifa»fSix week;framework the salesroiand suit hlt; Street, and goods theythe senior,the burglarEastern Ci Insured hin in a biggei then proce* On Sunda came back, the workroransackedthey carrk silks and a sack full broken slot uaity com; own detect quarters, a ive Maclnt assigned tcnight that round up t The robtmorning b keepers, wi early. JusSupreme Court Justice Page reserved decision yesterday on a motion to make permanent a temporary Injunction obtained by the Wright Company against tho Aero Corporation, Limited, which managed the Belmont Park aviation meet.The Wright Company through Pliny S.Williamson, its. attorney, asked that themoneys of the corporation now on de- ____posit In the Equitable Trust Company be; the^buildin held until its suit for $15,000 under an alleged agreement with the Aero Corporation Is decided.jytorney Williamson explained that he regarded the money as having been as-1 ted'togeth* signed to the Wright Company under the; the ^ bookkagreement, and asserted that the Aero j thing tops? Corporation had no right to pay it outfor other claims. He alsome , uuuuixibundle bor almost knlt; hallway wi guard oveisistant bolt;waited forThe burgacirpd the door on th1 up two fli.£acourt to compel the holding of the money hole in th on the further ground that the Aero Cor- ynec^-,.1,^|ni poration has a capital of only $500, and it J Which ga’vlt; it should be allowed to pay out the money | stead of flt; on hand, as.it intends to do, the Wright! fully chi so Company could not collect judgment if | Pus it Is successful In the suit.According to Attorney Williamson this $15,000 became the property-of the Wrigh Company, dollar after dollar, as everydollar over and above $125,000 was takei.in at the Belmont Park aviation meet. The total receipts of the meet, he said,SENTEADr. HarryasAfter be( men of hi;000, and yet no pi j been made to the Wrights. To counter- I was sente balance a fund of $21,000 still in hand | terday,Mr. Williamson said he learned that j ]yn.OOO aganon Avei lndetermirwirfori13existed. /William W. Niles for the Aero Corporation opened his argument with the remark: “ if your Honor saw the meet at Belmont Park, you know how much the Wrights contributed to its success.” A moment later he observed:“ This suit is simply an effort on the part of the Wrights to transfer this money from the . pockets of creditors totheir own.”Mr. Niles told the court that in the preliminary negotiations for the Belmont Park aviation meet it became difficult to persuade foreign aviators to enter the meet unless they might be assured that the Wrights would not harass them with all sorts of legal proceedings. At first Wilbur Wright, Mr. Niles said, asked L. L. Gillespie, one of the officers of the Aero Corporation, for $25,000 as the priceof ‘allowing the meet to proceed without interference. Mr. Gillespie, Mr. Niles said,told Mr. Wright that it was proposed to get a number of public-spirited citizens to contribute to a guarantee fund to establish the credit of the meet, but that it would be next to impossible to raise these subscriptions if it were known that at the very outset $25,000 must be given to the Wrights It was finally agreed that the Wrights' should get $10,000 outright and $15,000 under certain conditions, whichare the subject of the present dispute.The Aero Corporation, Mr. Niles said, agreed to pay the Wright Company $15.-000, or a surplus below that amount, if the receipts of the meet exceeded the expenses. It was believed the expenses would not be more than $100,000, Mr. Niies said, but they reached totals in the neighborhood of $200,000. Nearly this amount wras taken In at the gate, and at present it is believed that the debts of the meet can be paid. The guarantee fund has not beep touched, Mr. Niles said. It was agreed that the Wrights should receive the amount of any surplus up to $15,000, if there should be any surplus after the subscribers to the guarantee fund had been repaid, said Mr. Niles, interpreting the contract from the viewpoint of the Aero Corporation.Attorney Williamson insisted that the contract was that the expenses df the meet were to be limited to $125,000, that this was the amount of the guarantee fund, and that the agreement proved that the Wrights were entitled to t $15,000 they now claim under a virtualassignment. w *Andrew Freedman, who Is a Vice President of the Wright Company, a leadingspirit In the Aero Corporation, a subscriber to the guarantee fund of the Belmont Park meet, and one of the two members of its Auditing Committee, was mentioned in the affidavits sutftnitted by Mr. Niles as taking the Aero Corporation’s view of the contract, and it was his contention that Freedman’s know’edgc and consent bound the Wright Company ! Mr. Williamson declared it was strang : that a copy of the subscribers’ agreement was not put into evidence, and argued j that although Freedman was an officer of his client’s company his interest was adverse, and his knowledge could not bind the Wrights. No affidavit from Freedman was submitted, and with this circumstance Mr. Williamson found fault.ylt;ars anyears andKeeler, w Detroit, vcourt, senease.Keeler v Mrs. Lyn-.a bigamoiher at A silng with to Mrs. Id is a bachlt;BridgeThe DireNose and$2,050 for find Nightton rn a menITO RECLAIM NEW YORK FARMSER.asAssociation Plans to Divert City FamIlled to Them Instead of to the West.To divert families from the congested centres of the city to farm lands in New
Newspaper Details
New York Times
New York, New York, US
Tue, Dec 20, 1910
Page 10
Full Page
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Anonymous
WI, USA 06 Apr 2023
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