Delaware gazette and state journal., 1895-12-19
WILMINGTON DENTAL co.
The Receiver Must Show Cause
Why 1t Shall Not Be Removed.

Why It Shall Not Be Removed.
A Petition to That Effect Filed in tho
Uhited states Circuit Court Yesterday by
lomas ireland Elliott of Baltimore,
Who Holds Twenty shares of the Com
pany'a Capital stock.
The Girard Life Insurance, Annuity
and Trust Co. of Philadelphia must
show cause why ii shall not be removed
from the position of receiver of the
Wilmington Dental Manufacturing Co.
Judge Wales, yesterday, issued an order
to that effect, and the company is re-
guired to show cause on or before Mon
day, December Both.
The order was issued on a petition
filed in the case of Robert ID. Maxwell
vs.. the Wilmington Dental Manufac-
turing Co. in the United States cir.
cult court, by Thomas Ireland Elliott,
who is an attorney in Baltimore, and
stoclSholder of the company. lie
holds 90 shares of the capital stock,
valued at 50, 600. He recites that on
or about July 25th, 1888, the court ap-
pointed the Girard company receiver
to take charge OF the property and
assets, and that the company took
possession July 9th, 1898. In October,
showing that considerable volume Of
business had been transacted and a
large sum Of money, aggregating nearly
half million dollars, had been col
lected.
Then follow these allegations:
"That though continuing said bust
ness, said receiver has been most dere-
ict in making exhibition to this court,
,nIar tvboua at,parufafnT and 1ieanti.,n
it is supposed to act, of its transact
tions, and, jim spite and neglect OF it's
duty has utterly failed to put either
this court or the creditors or stock
holders of said defendant corporation
in possession of any information upon
the subject, it having treated said
business as If 1t belonged to it ahso-
lutely rather than as il committed to
1t in trust for said creditors and stock
holders.
"That no report has ever been filed
by said receiver, except the very i'm
perfect and deficient ono filed on or
about the fourth day of October, 1875,
in pursuance of.a general order there
tofore passed ~ this court which re-
port this petitioner respectfully repre-
sents as being remarkably inadequate
to convey any intelligible idea of the
manner in which said receiver has per-
formed its duties, or Of the condition
of the affairs of said defendant corpora
tion as the result of said receivers s
management.
According to the petitioners under
standing and Interpretation of said re-
port, it showed that when the receiver
assumed charge tho inventoried assets
aggregated S65l, 300 II, while the In
| dicatad indebtedness amounted to only
SlS7, 021. 80, thus showing S3. a9 OF
assets for every 81 of indebtedness
There was an indicated indebtedness of
S5a, 487. 20 against the real estate, plant,
merchandise, formulao and journal Of
| tho corporation, which was inventoried
at $500, $50. IL.
From that report the petitioner be.
lieves and charges THAT any efficient
and capable administration OF its trust
by said receiver must have resulted
in either freeing said corporation from
debt or in placing it in such relation
| to it's creditors as would have enabled
it to resume the management of its
own affairs, with the corresponding
| benefit which must have ensued to
both its said creditors and stockhold-
eTs.
Mr.. Elliott alleges that there has
not been the slightest Indication or
attempt to show that any of tho debt
owed by the company on July 9th,
1888, has beon paid; but that the re-
ceiver has exhausted time and in
genuity to devise and formulate plans
Of settlement, noneof which have com
mended themselves to the judgment of
creditors or stpckholdnrs as either mr.
ceptable or practicable.
The petitioner asks for IN order to
require the receiver to make an item
account, to show the disposition of all
goods, and the. money realized; IN ac-
count Of the present assets and pros
ent indebtedness and tho net profit
or the net debt of the company. He
also desires that the receiver be re-
quirod TO show cause whythe receiver
shall not be removed from the office.