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(Continued from First Page) have claims against the defendant ben ece for about $100,000. The outstanding preferred stock amounts to about paragraph overs that it is the Intention of the officers and direc tors of the Derk Company to rebuild the building and install new ly follows: another paragraph in nec Orators stated that it is the of the stock owners that be of the fact the Derk Company receive $215,000 in cash, it will be for the best interest of everyone con cerned, that the business be liquidat ed and the corporation dissolved, but that if the corporation is permitted to rebuild it will act as a detriment to all , particularly to the preferred stock owners. Paragraph fourteen avers that the president of the corporation, William Derk, controls and owns all of the common stock of the corporation and which stock has the only voting power. The orators aver that the affairs of the company have been mismanaged in the past by the sole and directing head, William Derk, so much that several months ago a petition for an amicable receivership filed in the Court of Common Pleas of Philadel phia by the Tradesmen’s National Bank and the Second National Bank of Philadelphia, with William Derk, president, agreeing, but since the loss by fire the receivership proceedings have been withdrawn. The orators believe this was done because the banks who were large creditors of the corporation, as evidenced by a mort gage on the real estate of the com pany, held insurance policies to cover their indebtedness. The orators are of the opinion that if a receivership is appointed for the corporation for the purpose of liquidat ing and dissolving the business of the corporation, that no one will sustain any loss, particularly the preferred stockholders. The orators therefore pray: First, that a receiver be appointed to take charge of and manage the property and assets of the company; second, that the receiver be authorized and empowered to take possession of the plants, etc.,to liquidate the same; fourth, that all persons be enjoined from levying executions upon the company; fifth, that the officers of the company be enjoined from selling or disposing of any stock or property of the art The eighth paragraph of the prayer is that a writ of subpoena or rule be issued to the Cerk Manufacturing Com pany commanding it to appear and show cause why the prayers of the said bills should not be granted ac cording to the law and practice of this court. The bill was presented to Judge Calvin 8. Boyer this morning before the opening of the May term of criminal court. Judge Boyer intimat ed to the lawyers representing the orators that the rule will be granted after the petition has been read. Criminal Docket Light Norristown, ‘May 1. —Forty cases are on the calendar for trial at the term of Criminal Court, which © tomorrow. Three Judges will , and it is anticipated the calendar will be cleared within a few days.
Newspaper Details
Doylestown Daily Intelligencer
Doylestown, Pennsylvania, US
Mon, May 02, 1932
Page 6
Full Page
Clipped by
Cynthia M.
USA 26 Jun 2026
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