The sun., 1893-06-14

f. II. An,nitdoyvn's Creditors Hope 20 Have
His Transfer to Hts Partner Set Aside.

| u. II. hmmtdOwrs Creditors Hope to Have
| His Transfer to Hts Partner Set Aside.
The law firm OF fBumenstiel Il Hirsch. repre-
senting the firm OF s. Bienenstock Il Co. Of st.
Louis, creditors Of Edward H. Ammdown.
| said yesterday that suit would be brought at
once against Albert D. Smith. the former
junior partner OF tho dofunct firm OF Ammi-
down x Smith, to have set aside tho tran fer
OF the interest OF Mr.. Ammidown to Mr.. Smith.
The ground is the decision OF Judge Lawrence
handed down on Monday setting aside tho as
signment OF Mr.. Ammidown filed on Doc s.
1890. on the ground that 1t was made to him
der and defraud the creditors
Tho decision OF tho Court" said the elder
Mr.. Blumcnstiel. warrants this action. In the
action brought to have the assignment set
aside We showed. through the testimony OF q
member OF tho firm OF W. q. Hatch 4 Sons.
that Ammidown had drawn $4,000 Of his pri
vate funds from their bank few days before
he made his assignment This amount was
not accounted for or oven mentioned In his
schedule On the morning OF his assignment
he transferred his interest In the firm Of Am
midtown 4 Smith to Mr.. Smith personally. and
not as assignee for tho benefit OF the creditors.
A conservative estimate OF tho value Of this
interest is S150.000. Mr.. Smith testified In
the recent suit that this was to square the
senior partners account with tho flrm. as he
through Rittenhouse 4 Co.'S failure. We
found out that even after Mr.. Ammdowns
share OF THIS loss had been paid there was
still at least $4,000 OF his interest remaining.
We understand that Mr.. Smith alleges that he
has lien upon this to reimburse him for his
share OF the loss.
"As Is well known. Mr.. Ammidown did not
appear at this suit and was adjudged by the
Court to be in contempt. II the Court declares
that Mr.. Ammidown's action in transferring
his interest in the firm was illegal then the en-
tiro interest Of Mr.. Ammidown in tho firm will
accrue to the benefit of all his creditors. Judge
Lawrence's decision not only declared tho as
siGnmcnt void. but also declared tho appoint
mont OF Mr.. Smith as receiver void. There
forc Mr.. Ammidown's estate will be put in the
hands OF a new receiver. We will ask the Court
within a very few days to appoint receiver to
take charge Of the property. Out Of these as
sets Bienenstock Co. will secure tho first set
tlement as IT was their suit that brought the
Have you any knowledge. Of the where
nhonts OF Mr.. Ammidown now?" was asked.
said tho Mr. f'f rn Hre1sst wsn sn tt
Se. He Hs s G IN sHs sH1o and
court. In t6s second place il he we're i to Come n
ws wSuf o
nephew Of the missing assiGnor. said yester-
The decision OF tho court docs not imply
any moral turpitude on the part OF my uncle. |
The LAWYERS and collectors Of this state have
s succeeded p, In having the laws relative to az.
is very hard thing for the average business
man to make an assignment that cannot be
overturned In court My uncles firm endorsed
practically all the paper OF the Rittcnhouse
Manufacturing Company. lit had not hecn
for the money my uncle sQuandered in that
company he would have heen n very rich man.
when the Rittenhouse Company failed.
nncle's assignment. my uncle agreed with
Mr.: Smith to turn over his interest in the firm
to Mr. smith to reimburse the Arm for the
losses It would sustain through my uncle's
share Of tho transaction. There was perhaps
$4,000 left after my uncles share OF the
exceeded this $4,000. my uncle thought 1t
tend to act in o dishonest or Questionable
Have you seen your uncle since no went to
Europe" asked the reporter.
have" said Mr. Ammidown. Il saw him
IN Hohoken about a year and half ago. He
had Just got back from Europe. and he was
xSsIg s to TIE Southwest. It Is extremely un-
He is at present In California engaged in bus!-
moss. do lot care to say what business he
Is in. The rest Of his family. his wife and
boy OF 19 years old. are living In Europe. lido
not think they will come back to New York."
The decision uf Judge Lawrence was q sur
'aid they did not think. Mr. Ammidown In
ended to defraud his other creditors. They
thought 1t was q natural and proper action on
Mr.. Ammidown's part to protect Mr. Smith.