The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1897-02-11
ASSIGNEE PIENING GAR
NISHED.
a NEW MovE IN THE AFFAIRS OF THE
G.. SHOVE BANKING Co.

c. SHOVE BANKING Co.
For some time j. E. McMahon of
Minneapolis has been IN the city. 1t
was noised about that he was purchas
ing bank certificates on the defunct
bank of L. &. Shove one of whose at
tx rneys he was in the recent trials in
which he was defendant. He offered
good price for certificates but paid
no cash, stating it was possible that
the face value for them might be Sc
cured, in which case he would share
the profits with the original holder of
the certificates. He secured $4,000
of the certificates. This is about the
amount of money in the hands of the
assignee not yet distributed among the
creditors of the bank.
j. E. McMahon then garnlsheed A.
Piening, the ASST gnee, stating in the
affidavit that Piening had in his pos
session $4,000 which was due to Nc
Mahon and asking that possession be
surrendered to him. These proceed
ings were not generally known at first
but when their import was real
lied it caused the greatest excitement
among the creditors of the bank who
were expecting another small divi-
dend.
The theory on which McMahon
works is that an assignment was never
legally made as it was the act or T. G..
Shove and not of the T. G.. Shove
Banking company, a corporation
Thus the question is raised whether
Plenlng is an assignee of the bank.
If he is not then the money in his
hands is subject to garnishment. This
McMahon wants to secure on the Ger
titicates he purchased. 1t is not known
from whom he purchased the certiti-
Gates, but they are to share with him
in the profits should he succeed.
This proceeding 1t might be unsafe
and unwise at this time to properly
characterize, as the motive Of the me1
engaged in it may not be what is ap
! parent by their acts. There may be
color of law, or rather perversion OF
law, in support of it. But if it be
what it appears and is suspected, it is
the most unblushing piece of lega
rascallty that was ever attempted anC
the man or men responsible for IL have
earned public execration. 1t is an at
tempt to deprive people who have los
| about Is per cent OF what they ha(
| deposited in the bank of the modicun
left. There may be some excuse fo
bank failure, but a deliberate pro
ceeding of this kind is an evidence o
such heartless disregard of the right,
of those who have suffered loss anC
bore it with patience, that one canno
contemplate it without righteous in
dignation. 1t is this torturing of Law
to serve the purpose of cruel greco
which offers some color of justification
to people who take the law iuto theil
| own hands.
The general opinion of attorneys i,
that the proceeding will fail If i
does, those who assigned their certifi
Gates will lose half of the dividend We
to be declared, as it is understood NJ
money has been paid over and the,
agreed to take one half of whatl Nigh
be recovered, SO that the movers il
this scheme in any event will max,
some money,
No matter what the result, final set
Element will be delayed as the none,
in Piening's hands will now be tiec
up until the courts settle the question
of ownership There is not mucl
doubt in the minds of those who hav,
examined the matter that no such in
justice as that contemplated will sue
| coed