Evening journal., 1891-02-26
LAST EDITION
IN A RECEIVERS HANDS.
WiLMiNGroNs PRINTING COMPANY
~ CHARGE Or H. C. ROBINSON.

Minority Stockholders Apply to th,
Chancellor for Receiver The Applt
cation Granted.
The Wilmington Printing Company
has gone into the hands of q receiver
Ckarles William Edwards. one of the
stockholders of the corporation. re-
Gently filed a bill of complaints with
Chancellor Willard Salisbury. Init h.
alleges that James b. Sepanle
president of the corporation, is the enn'
trolling stockholder thereof. and that no
has conducted its affairs TO the copapanv 4
detriment; that he secured control of
the company about April l. 1890 At which
time II was solvent and in good condition
but that be has so mismanqged the bust
ness that the company is nowShopelessly
insolvent, and that this condition is sole '
due to Mr.. Semple's mismanagemeut.
Inc Dill OF complaints further alleges
that the annual election of the company
should have been held on July 5, 1890.
but that 1t was not held because Of the
meeting being adjourned at Mr. Semple s
behest and that be has since refused to
call meeting for the election OF a new
board Of directors The bill also com
plains that Mr. Semple has
caused to be placed on the
minutes of the company resolutions
authorizing it to purchase real estate ana
personal property belonging to him, at 4
price greatly exceeding their real value.
He has permitted notes Of the
company to go to pro est and has allowed
many Judgments to accumulate against
d. the business has Deprecated for
want Of proper attention.
The bill further alleges that the affairs
OF the company have been so fraudu.
iently, corfuptiy and outrsgeously man
aged by Mr. Semple that immediate
action fer the protection of the creditors
and the minority stockholders, was
necessary.
On these grounds Mr.. Edwards az a
minority stocknolder, asked the chancel-
Tor to issue an INJUNCTION restraining
Semple OF al from disposing of, selling
conveying or removing auy property be-
longing to the corporation or from
receiving any debts due or TO
become due, or in further deal
ing in any manner with the
business and affairs appertaining to the
corporation, and that proper person be
appointed as receiver OF the books
accounts, stock, machinery, goods and
property of whatsoever kind, also debts
due the company ito wind up the affairs of
the company and apply the assets to the
liquidation Of the liabilities. The re-
eeiver is empowered to conduct the bust.
ness, II deemed advisable by him, until
the liabilities can be settled without
prejudice to tbs interests of the stock
holders and creditors.
The complaint also alleges that the
present bad state of affairs is due solely
to the mismanagement of Mr.. Sem Die.
chancellor salisbury has granted the
petition and the defendants are restrained
as above enumerated. The defendants
named IN the injunction are James q.
Semple, president; Thomas G TAYLOR.
vice-president, and William 7. Morris
secretary and treasurer, who constituted
the board of directors, and Calvin T. Bye
The chancellor has appointed Henry @.
Robinson receiver of the corporation. Mr.
Robinson Is of the banking house OF r
r. Robinson & Co. He has given bonds
in the amount of Sc. 600, and will proba-
bly, continue the business for the present
The Wilmington Printing Company was
incorporated by Judge Ignatius O. Grubb |
on July 2, 1888, with a capital stock of |
SO, 900. On June 28. 1890. the charter
was amended and the capitalization in
creased to $25, 600 The paid up capital |
is $4,000. James a. Semple has 212 |
shares in his name, out of the 800 shares |
issued. The business was conducted at |
No 4G6 Shipley street, until Mr. Semple |
got control when he had it removed TO |
his own building, Ne. 500 Shipley
street.
One Of the allegations in the bill of
was that he charged the com
pany an excessive rent for the building.