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Show fSSfiTrae i FQ 5081 GDMPJi J 'I Minority Stockholders Al-'j lege Montana-Utah Con- ! cern Is Insolvent. , i i On a complaint filed jepter.tay by 1 1 minority stockholders of the Montana-j Utah Jupar coiii)aiiy, Judge W. 1. : t Bramel of the Third district court ap- j pointed '. S. Tiney, cashier of the j Farmers & Stoekgrowers bank, tempo- j i rnry receiyer of the suyar company and . j issued an order restrnitnn the board 1 1 of directors from disposing ofthe prup- j j orty to .1. A. Ilcndni'kson or other in-M dixiduals or cor'orations for $7:), Out) worth of stock in a eoiupajiy to be organized. or-ganized. " The defendants were ordered to appear ap-pear in court at 10 o'clock on the morning morn-ing of October li to show cause why the restraining order and the receiyer j should not become permanent. The complaint was tiled by E. S. Kimball, R. A. Shipp and H. It. Xelson. i In the complaint it was alleged that the company was insohent; that labor and mechanic liens had been filed against the propert) at Hamilton, Mont., and that the board of directors, beaded by O. C. Beebe, was atter,pting to dispose of the property in a manner detrimental to tho stockholders, bondholders bond-holders and creditors. The deed of trust giv?n bv the company com-pany to secure a bond issue of $500,000, the complaint said, had neyer been recorded re-corded and the Zion's Sayings Bank & Trust company, which had been designated desig-nated as trustee, had refused to act. It was set forth that the company had been capitalized for $750,000; that $500,000 in bonds had been issued and $275,000 already, expended on the factory, fac-tory, which was about one-third completed. com-pleted. The amount due on stock and bond sales was named as $34S,0'00. It was alleged that delinquent stocks and bonds had been advertised and ordered or-dered sold, but all efforts to effect such sales had been prevented by the majority ma-jority of the board of directors. It was complained further that offers to finance the company also had been rejected re-jected b.y tho majority of the board, which had persisted in disposing of the property to J. A. Hendrickson, a promoter pro-moter of Logan, for $75,000 worth of stock in a company to be organized. |