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Show R. R. PROPERTY BASIS OF SUIT Ogden Men Seek to Foreclose Fore-close on U. I. C. to Satisfy Sat-isfy $60,000 Claims Foreclosure of enough properly of the Utah-Idaho Central Railway Co. lc satisfy the claims of aliened bond and note holders to the extent of approximately ap-proximately $00,000 Is sought In a suit filed today In the district court. The plaintiffs who are Fred Melss-ner, Melss-ner, John A. Munson, the Mutual Livestock Live-stock company and John B. Lewis, declare they represent 25 per eent of th bond and ItOtO holders of the Og- nn. Logan & Idaho Railroad cum-pail cum-pail and ihe direct ilielr suit against the gdcn. Logan tV Idaho company, tho Ogden Savings hank, as trustee. the Qtah-Idaho Central Railroad company com-pany and the Utah Rapid Transit company. com-pany. BONDS ISS1 l D The plaintiffs set forth In their complaint that on January 2. 1915. the Ogden, Logan & Idaho Railway company executed and delivered Its bonds for S3.O0O.000, in denominations of $500 and JinoO. payable semiannual!) semian-nual!) with Interest of 6 per cent. On July 8, 1316. it is alleged, that the railway company i l i r- . i convertible con-vertible Improvement notes In denominations denom-inations of $500 and $1000 totalling $2,000,000 and payable on or before July 2. 1921. with Interest at 6 per ceiii. The olalntlffs further alleged that to secure payment and interest on the bonds and notes the railwuy comp.in' delivered its deed of trust to th g- den Savings bank, as trustee. ROM HOLDERS It Is set forth that Fred Melssner is owner of six bonds of $500 each and two convertible Improvement bond- of $500; the Mutual Livestock company Is holder of bonds and notes totalling $31,000; John A. Munson holds $4,000 In bonds and notes and John S. Lewis $10,500. "With Interest, the plaintiffs claim their holdings total approximately $60,000. The charge is made In the complaint com-plaint that the defendant, the Ogden. Logan & Idaho lompany. In December. Decem-ber. 1919, without knowledge or consent con-sent of the plaintiff, transferred and conveyed all of Its corporate properties proper-ties to the Utah Rapid Transit company com-pany and the Utah-Idaho Central Rall- ix ad company. l!Mv Ri f t SI S. The plalntlffe declare they have served notice upon tho Ogden Savings bank, as trustee, to collect their Interest Inter-est and principal on their notes and bonds, but that the trustee refused to take action Thev claim that on August 0) 1921. the trustee notified the plaintiffs that It had no power to take such action. It la alleged by the plaintiffs that the Ogden Savings bank as trustee, has failed to protect their rights and has "wilfully, wrongfully, eapricloui ly. arbitrarily, and In violation of Its duties, ignored and disregarded the rights of, the plaintiffs and attempt' 'I tc coerce and compel them to surrender surren-der and deliver up their bonds anl convertible notes to the Ogden, Logan & Idaho Railway company In exchange ex-change for bonds of the Utah 'Rapid Transit company and the Utah-Idaho Central company." Further the plaintiffs allege that, "the trustee connived and confederated confederat-ed with the other defendants by refusing re-fusing to take any action to collect the Interest and principal amounts due." In closing the complaint the plaintiffs plain-tiffs pray the court to foreclose the deed of trust and sell enough property proper-ty of the railroad to pay their claims of Interest and principal and the Utah Rapid Transit company be required t" s-t up any claims it may have to the property. |