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ANSLEY, STOCKHOLDER, SUES WEST END PARK CO.Says It Is Not Bona Fide Corporation, and Asks Dissolution—Order Is Issued.lt;iiCharging that the West End Park Company, an organization of which William J. Davis is president, formed to develop Westwood Park In West End,Is not a bona fide corporation and has no legal existence, William 8. Ansley, of 217 Atlanta National Bank building. Is attempting to enjoin the company from selling lots in Westwood.The suit for Injunction and dissolution of the West End PaVk Company, a recital of allegations allinning sensa- |t tlonal financiering against Davis and i c his associates. Paul Wesley and George; A. Campbell, was filed In superior court! e lute Monduy afternoon. Judge Ellis on.t Tuesday granted a temporary restrain-; ing order and set the hearing for No-. v vember 27. VThe West End Park Company, a $12,000 corporation, with Ansley, Davis, Wesley and Campbell as the stockholders, chartered several months ago,Is styled it “dummy company and a subterfuge,” organized by DuvIm to gain control of the Westwood property with the purpose of excluding Ansley Mom Its development. Wesley and Campbell are charged with being Davis' tools In-tho manipulation of the West End company.Ansley, who asserts that according to an agreement with Davis he was to have one-third Interest In the Westwood property, claims that tho business of the West End company has been transacted without his knowledge oi consent, and that Davis has repeatedly refused to lei hhn see the books of the company and make an examination of the transactions.In charging that the corporation has no legal existence, Ansley alleges that while Incorporated for $12,000, Davis has issued $60,000 worth of stock against the West End Park Company.Of this he has possession of and controls $64,000, with Ansley owning $2,000. Wesley $2,000 and Campbell $2,000. As far as Ansley knows, he says, he and Davis are the only persons who have paid any money Into the venture.According to the suit, the West End Park Company Is an outgrowth of an agreement on the part of Ansley and Davis to purchase and develop a piece of land In Westwood Park. The property was placed on the market by the Ontario Land Company, of Duluth, Minn., for $20,000. Ansley was to.purchase two-thirds and Davis one-third. Davis went to Duluth and closed the deal, paving $5,000 in cash and contracting four yearly Installments.On his return the agreement was amended and Davis look over two. thirds and Ansley retained one-third. Lster Dstvls proposed a corporation and Wesley and Campbell were included. Ansley took over n note of Davis paying $2,000 at its maturity for his share In the stock of the corporation, which purported to be capitalised at $12,000.On several occasions after the lOCOr-poration Ansley. whose office adjoins Davis’ In the Atlanta National Bank building, sought, it is all«gelt;Mo »ee the books of the company, each time Davis putting him oft •impatiently. On July 7 1911, a meeting was called, the first one, Ansley avers, to which he was asked. In which a statement was rend from a memorandum *»ilch showed that the capital stock was $60,000, of which Davis held JtU.OOO. No books, papers or records were exhibited.Davis, it Is asserted, holds a bond ] for title executed for the Westwood, property when the PhIi*»H sale was made. Ansi# *ay**that he did not! question this because he hqd had innumerable transactions with Davis and had confidence In him. , (The suit lo enjoin asks that the West End Park Company be dissolved on the grounds that It 1/ not a legal corporation since the provisions of the charter have been exceeded. If the court does not grant this. It is asked that the defendant company and Ita stockholders be enjoined from the sale or dlspc. «1 of the Westwood property.Rent estate of all kinds can he disposed ’ thru The Georgian. The Georgian real itate columns can be profitably used by op!e who wish to sell, rent or exchange -eperty of any kind.
Newspaper Details
Atlanta Georgian and News
Atlanta, Georgia, US
Tue, Nov 21, 1911
Page 16
Full Page
Clipped by
Tina C.
USA 07 Mar 2024
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