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precepts luid been llled, but it was said that the suits would allege various misdemeanors 011 the part of the defendants.In an interview at the close of the meeting Greenhut declared that the entire action of the day was illegal. “These people will find themselves in a pretty fix with an illegal directory attempting to do . business/’ he said. “They have elected a man to fill my position, which is not vacant, and consequently can take no action that will hold. I will light them to the last minute and they won’t And the thing so easy as they think.”The defendants in the Greenhut libel suits professed to be much amused by the affair. “It is childish and foolish,” saidLevy Mayer. “Of course we all feel very sorry for each other and particularly for General McNulta, but* the whole thing will come to naught.”Among the resolutions passed by the stockholders was one which provides for radical measures in the handling of the trust’s bonds. The resolutions gave the new board of directors power to take steps to practically annul the $1,000,000 issue of bonds which Greenhut is charged with having sold to himself and his aaso eiatos at 50 cents on the dollar. IAt the time of the issue in question the Greenhut management authorized #8,000,-000 in bonds and deposited $2,500,000 to redeem rebate vouchers, but issued only #1,000,uOO, which it is claimed they now control. The resolution adopted provides for the issuance of the total #1,500,000, which throws Greenhut into the minority as a bondholder, oven though hc.still holds the entire $1,000,000 first issued.The following is the company’s now directorate: Samuel M. Kico and T. 11.Wentworth, of New York; J. M. Hutton, of Cincinnati, O.; William J. Moyer, of Chicago; Walter M. Fcheftel, of New York; John M. Mott and Floyd E. Jen* nison, of Chicago. As there was no quorum of directors present the election of officers will be held in Chicago in the near 1 future.
Newspaper Details
Bloomington Leader
Bloomington, Illinois, US
Thu, Apr 18, 1895
Page 8
Full Page
Clipped by
Anonymous
USA 29 Feb 2024
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