The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-09-07
much consideration from the Court

much consideration from the Cour
as those of the cnmplainants. rh'
: appointment of q receiver does no
necessarially follow upon the insolv
ency Of the corporation being proven
and will not be made unless il IS ;ils.
shown that loss will ensuc Ia the par.
ties i'll interest, if the Company con
tinues in the management Of It's af
fairs. Union T. Co Y. ST. Louis
&c Il. r. Co, 4 Dill. III; Tyson V
Wabash Railway Co s Bliss :..4I
My conclusion is that suihc;-il,
cause has not been shown to juStif,
the Court in appointing permanent
! receivers in this case. Certainly the
compliments as stockholders and
bonlholders have given the Court ne
such facts as authorize it to retain
possession and control of defendant :
property, and they sue in no other
capacity, not claiming to be general
creditors, and not making the trus-
tee party nor charging him with
fraud or failure to discharge his du-
ties. The charge in the bill that
many persons claiming to be credit
ors of defendant have instituted suits
for The recovery of thrir claims, is
not supported by he evidence. That
the company is indebted to various
parties is conceded, but it's creditors
do not seem to be pressing for collec-
ton of the sums due them, but on the
contrary appear to favor the policy
insisted on by the majority Of the
bondholders, stockholders and dircc
tors, of pursuing the present plan OF
management, and depending upon
the return Of the prosperity with
which they were heretofore favored.
and which they confidently aad not
without reason expect, as the best
means of protecting the common in
tereSt of all concerned in the Big
Stone Gap Improvement Company.
The order granted in this case
on the 26th day of May, 1898, ap-
pointing provisional receivers wa
founded on the allegations Of the bill
as to the misconduct of the officers
of the defendant Company and thc
misrepresentation Of its funds by
them, and was intended tn prevent
great and irrcparablc in Jury 10 the
stockholders hy the improper use and
delivery of five hundred thousand
dollars in amount, Of the 1rcaslIy
stock of the company. the conlpan-
ants representing that they AMI ni.-
ers represented by them owned over
onc-half of all the bonds and stock
issued Nv the defendant. These al
legations were supported by aiii'Iav-
it's and exhibits. From the concIli>-
ion | reach it is evident that find
that the complainantS were mistaken
in several particulars and that the
inference drawn by some of them
from the circumstances alluded to,
are not justified by the facts, at least
as they are now presented for my
consideration.
] will now pass decree 'lissolving
the Injunction herein heretofore
granted and directing the provisional
receivers to restore to the Big Stone
Gap Improvement Company all OF
it's property now in their hands; re-
curing them to make a report Of
their proceeding as such receivers, to
this Court, preliminary to the settle
mcnt of their accounts and their dis
charge as such officers; refusing The
prayer Of the bill which alter the
Court has passed on The receivers ac-
counts, will be dismissed at ;he cost
of compliments.
Aug. 10, 1893. \. GoFF,