Show Sl o v v Q o co rl A I u AR A AI T AlT lA LAKES 1 MAtH MAN r lATI N Nf OF f nl nAt A ASSETS T I IS I I Ernest R. R w Woolley o Heads List of Accused in PeI Petition Petition Pe- Pe I I Filed With State Insurance Commissioner II I I i I Ii t i R. R WOOLLEY Mc- Mc McI I ERNEST Cornick Co bankers the I Utah National Underwriters' Underwriters corporation cor- cor I cor-I I an and George 11 F F. Sanders I 1 and 0 C. C Beebe are charged with con y and manipulation whereby the the assets of the Utah National Underwriters Underwriters' Underwriters Underwriters' Un- Un I corporation amounting to toj j more than has been dissipated pa paled d and the stockholders and creditors credI cred- cred I d defrauded to that ext extent nl I cred-I in a ap p petition UtI n filed flied with Kulon Rulon S Wells I state insurance jn commissioner by D.C. D D. D.C. C. C Perkins creditor of the Utah National Na- Na 4 lional Underwriters' Underwriters corporation prof pro pro- f I testing against the merger of the Continental Continental Con Con- Life Insurance company prO prO-I of I Utah with the Pioneer Life of Kansas j I and the he Globe Life of Missouri j I RECITES CASES CASE'S HISTORY I I Mr 11 Perkins Perkins' protest a statement state- state I ment of oC his account with the Utah I National Underwriters' Underwriters corporation reciting that that company entered II into an agreement with Lorenzo N. N Stohl and others and that it entered into an agreement with the Continental Continent t tal Life Insurance company compan whereby the Underwriters' Underwriters company purchased shares of ot the capital stock of the I Continental at an agreed price of ap approximately approximately ap apI I proximately The Underwriters Underwriters' I ers' ers company according to the petition I paid approximately approximate on account and then pledged the stoc stock to McCornick McCornick I nick Co Bankers for a loan of ap approximately approximately ap- ap proximately and with this I ap amount paid for the entire shares of the Continental stock CONSPIRACY ALLEGED I Your petitioner is further a advised I recites the petition and verily be believes be- be e that thIt thereafter one George E. E I l' Sanders and one 0 O. O C. C Beebe procurEd I I from the said McCornick Co bankI bankers bank bank- I ers a a. loan of approximately I that thereafter the said McCormick McCornick Co bankers felt insecure in its said loan to said S Sanders and Beebe and I your petitioner Is informed and be believes believes be- be that t in some some manner through a l I Con Continued on page 8 S. I 1 I I I I MANIPULATION Continued from page 1 1 conspiracy between McCornick Co bankers Ernest R R. Woolley the Utah I National Underwriters corporation George eorge E E. Sanders and O 0 O. O C C. Beebe the said shares of the capital stock ol ot the Continental Life insurance company company company com com- pany was pledged as collateral for the said money advanced bv by McCornick Co as aforesaid to the s said aid Sanders and Beebe end and that your petitioner is informed and believes that the said manipulation whereby the assets of the Utah National Underwriters Underwriter corporation corporation corporation corpora corpora- tion amounting to more than have been dissipated and the creditors and stockholders have been defrauded to that extent TELLS OF MERGER The petition goes on to refer fo 0 o the proposed merger of ot the Continental Life Insurance company with the Globe Life Insurance company of Salina Kan ban and the Pioneer Life Insurance company of ot Kansas City Mo and declares declares de declares de- de clares Perkins Is advised ad that the shares belong to the Utah National Underwriters Underwriters' corporation is the consideration consideration con con- whereby the merger is at attempted attempted attempted at- at tempted to be made Attention is called caned to the Utah law regarding any attempted transfer of property of things In action from the state made with intent to defraud creditors being declared void The pe petition petition petition pe- pe then recites that Perkins has a abill abill bill against the Underwriters' Underwriters corporation corporation corporation corpora corpora- tion for services rendered as salesman totaling 1438 99 and also declares that he borrowed from the corporation corporation corporation cor cor- and gave as security stock which was later sold for 1270 but that the difference between and 1270 has not been returned to him DEMANDS INVESTIGATION In view of ot the facts as herein set forth cites the petition your petitioner petitioner petitioner peti peti- hereby protests against the merger of ot said Insurance companies until this obligation has been adjusted and your jour petitioner hereby requests that an an investigation be made concerning concerning concerning con con- the facts herein set forth to the extent that a full tull complete accounting accounting accounting ac ac- ac- ac counting be had for the more moie than which belonged to the Utah National Underwriters' Underwriters corporation and which has been dissipated as herein here here- in set forth |