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Show POnS FAILS TO ! ElttflfflBIEST D. C. Perkins Claims Insui!r" r ranee Pool Will Take From j i Utah Assets in Dispute. Commissioner of Insurance! Considers Petition Against Proposed Amalgamation. P.ulon s. Wells, siaie bomsriMsloner of Insurance, said yesterday that so far Rufus Potts, former Insurance commissioner commis-sioner of Illinois, has filed no protest with the Utah office asalnst the proposed amalgamation of tiie Continental Ijlfe Insurance In-surance company with the Globe Lite In- j surance company of Kansas and the Pioneer Pio-neer Life Insurance company of Jlissourl on the ground that such action would take out of the state -assets of the l.'tah National Na-tional Underwriters' corporation, of which Mr. Potts claims to be a creditor. The protest filed by D. C. Perkins Is being considered by Mr. IVells. to see what action shall be appropriate In the premises pre-mises and how far his department may legally go in such a matter. Mr. Perkins, as a former salesman of the Underwriters' corporation, asserts that the corporation still owes him for services rendered M38.99; and that, further, fur-ther, collateral he gave on a note for 5300 was sold for $1270, and that he has received no part of the difference between be-tween the amount of the note and the selling price of the collateral. Purchase Agreement Cited. Mr. Perkins's protest, which is on file with the Utah commissioner, mentions an, agreement with Lorenzo X. Stohl, and also an agreement with the Underwriters corporation, whereby tho latter agreed to purchase 9SB shares of the capital stock of the Continental Life Insurance company com-pany of Utah at approximately JISU.UOO, according lo the protest. It is recited that the Underwriters' corporation paid 5117.000 of this and then pledged the stock witn McCornick Co., bankers, for a loon of approximately $87,000. with which amount the entiro purchase price was paid for the stock in the insurance com-panv. com-panv. The petition proceeds: "Your petitioner is further advised, and verily believes, that thereafter one George K. Sanders and one O. C. Beebe procured from the said McCornick & Co., bankers, a loan of approximately JSO.0O0; that thereafter there-after the said McCornick & Co., bankers, felt insecure in Its said loan to said Sanders San-ders and Beebe, and your petitioner is informed and believes that in some manner, man-ner, through a conspiracy between McCornick Mc-Cornick & Co., bankers, Ernest It. Wool-ley, Wool-ley, the Utah National Underwriters corporation, cor-poration, George K. Sanders and O. C. Beebe, the -said 98'i shares of the capital stock of the Continental Life Insurance company was pledged as collateral for the said money advanced by McCornick & Co. as aforesaid, to the' said .Sanders and Beebe. and that your petitioner is Informed In-formed and believes that the said manipulation manipu-lation whereby the assets of the Utah National Underwriters corporation, amounting to more, than S100.000, has been dissipated and the creditors and stockholders have been defrauded to that extent." Claim Transfer, Illegal. Reference is then made In the petition to the proposed merger of the three, life Insurance In-surance companies of each of which John W. Cooper ufi'Kansas City is presideni ; and the claim Is set up that the. merger is proposed in consideration of the 9S6 shares which are still an asset of the Utah National Na-tional Underwriters eoropration. It Is set forth that the Utah law prevents transfer of property made with intent to defraud creditors, and the petition concludes: con-cludes: "In yiew of the facts as herein set forth, your petitioner hereby protests against the merger of said Insurance companies until this obligation has been adjusted, and your petitioner hereby requests that an investigation he made concerning the facts herein set forth to the extent that a full, complete accounting be had for the more than $100,000 which belonged to the Utah National Underwriters corporation cor-poration and which has been dissipated as herein set forth." Mr. Wells is a member of a commission which, under the laws of Missouri, must pass on the proposed merger before it becomes effective. It is understood that the protest will at least be called to the attention of the merger commission, since if the claim set up in the protest is validated, vali-dated, the transfer of stock couid not legally take place, Mr. Wells says, until the creditors of the. Utah National Underwriters Under-writers corporation had been paid off. |