Show ICON CONI JEFFERSON ON OK THE ROCKS Shareholders Attempt to Set Aside Sale of Property Is Shown Up in Court The Tue nearness to collapse of the Con Consolidated Consolidated Consolidated Jefferson Gold Copper Min Mining MinIng Mm ing company and Its close shave from bankruptcy are set forth at length in an answer filed med by the officers to the suit brought by Fred to set aside the conveyance made to the Wasatch Utah Mining company of all the proper properties properties properties ties of the Consolidated Jefferson doht alleged that there was a conspiracy to defraud him and other stockholders of the Consolidated Jefferson out of his holdings owned 1890 shares in the old company and asked for a re ye restraining restraining straining order or er to prevent the Wasatch Utah from taking any of the ores and an accounting of the ore already taken The transfer was made under a resolution tion tI n adopted by the company In John anges office Stock Exchange building Chicago In September r last lost to Frank Ru Rume Rume me as trustee to be conveyed to the company as soon as the latter was organized or The new company was put under way In October Incorporating Incorporating Incorporating with a capital of In dol dot dollar dollar lar shares the same as the old capital but the tue new shares were made m de assessable instead In fad of as before charged that the th meetings at which the transfer and in incorporation Incorporation incorporation corporation of the new company wore ar arranged ranged were without proper notice The officers deny that there was no no notice notice notice tice of the meetings mt and set up as a de defense defense tense that the reorganization was n ces sary to save the property The Consoli Consolidated Consolidated Consolidated dated Jefferson prior to the reorganization tion was owing 2000 and Its creditors creditor were clamorous for their money and threatening to put the company in the hands of a receiver The treasury stock was then exhausted the stock was non assessable and the property was as not suf sufficiently sufficiently developed to extract marketable ore There was nothing to pay the debts and realizing the necessity of Immediate action to preserve the property the rear reorganization reorganization was the amount of stock remaining the same and the only difference renee being that the stock In the new company was made assessable The debts of the old company were assumed Holders of shares the answer al ai leges leses have consented to the transfer and nave exchanged their Consolidated Jef ferson stock for shares sh res In the Wasatch Utah company com pan These too have paid the assessments which amount to 3 cents a n ashare ashare share stare the officers say sa can cnn in on the same basis whenever he desires to do so They TIt y declare that to set aside the con conveyance conveyance would necessitate nece immediate payment of the debts of the old com corn company company pany and exhaust the property In pay payment ment of such debts They ask that the conveyance valid and that the tho title to the th property be quieted in the company They also want compelled to choose whether he will 11 accept stock In the new company or accept the fair cash value of his stock In the old company which they the put at 6 i cents a share I |