The age-herald., 1901-04-28
NOW ANOTHER
 RECEIVER IS
 BADLY WANTED For Continental Security Re-
 dsmptiOn Company 4 SENSATIONAL SUIT FILED All Sorts of Charges Made
 Against Officers s2OO,oOO DwlNOLes INTO s7700 Petitioners Are Creditors of the Com. pany, and Say That It's Officers Have Not Acted In Good
 Faith With Them.
All Sorts of Charges Made
 Against Officers
s2OO, O,oOO DWlNDLeS INTO $77O0

A petition was filed in the United States Court yesterday in the bankruptcy pro ceedings against the Continental Security Redemption Company which makes some startling charges against the officers of that company. The petition asks that J. B. Cobbs, the present receiver, be re- moved and another receiver appointed, and that George A. Blinn, Jr., ct all be enjoined from further prosecuting this bill under which Receiver Cobbs was ap-S pointed Judge Bruce has set the case for hearing at chambers next Friday in Montgomery.
 The Petitioners.
 The petition is filed by Elmo M. Mas singale, Randolph Rose, H. Edgar Frye, Christian Willis, w. W. Willis. B. E. Sandrock, Mrs. M. J. Harris, s. R. Green berg. L. E. Hirschfeid. Ike Hirschheld. Mrs. R c. Galloway. W. A. sims, ste- phen c. Harris of Atlanta, Ga: and Barnes Morgan and Annie c Neill of BtH mineham, Ala; and Harden H Fltts., E. l D. Jacobs. Jr,. C. D. Bell. R. J. Hughes. l D. A. Grant and A. C. Fitzpatrick of Mont gomery. Ala, and Charles E. Mclean of Mobile. Ala. gst
 It alleges that petitioners are creditors of the Continental Security Redemption Company, bankrupt. and that their claims aggregate s6602. and that petitions CTS, Elmo M. Massingale. Randolph Rose. H. Edgar Frye. Christine Willis and w W. Willis filed a petition in involuntary bankruptcy against the defendant on April B. 1901. alleging that is committed an act of bankruptcy in transferring cers tain property while insolvent. with intent to prefer certain creditors. It also. cites and refers to the original bill filed April 1s 1901, by George. A. Blinn, Jr. ct al., under which Receiver Cobbs was ap- pointed. sA
 Object to Present Receiver.
 Petitions show that the receiver, J. R Cobbs. appointed under said original bill has been greatly interested in said cor. poration in times past. and that said cor- poration in its literature and stationery referred to said J. B. Cobbs. who at all times recommended said corporation highly and he being an officer of an iniu- ential banking institution many persons were induced to invest in said company by reason of his high recommendation of 1t. which. they allege he did without mak- ing sufficient investigation of its relia- bility: and they state also that the said George A. Blinn. Jr, and officers of said corporation are the warm personal friends of said J. B. Cobbs who were instru. mental in having him appointed receiver. and that while the affairs of the corpora ton are in his possession and control 1t is practically and for all substantial pur- poses of the officers of said company in the possession and under the control of the officers of the Continental Security Redemption Company, and that petition CTS do not believe that they would reap the benefits they would receive if the af- fairs of the company were in the hands of a disinterested person.
 Wasted $7o,s1e of Assets.
 The petitions refer to the itemIzed state. ments in the original bill and charge that one of the items, namely an expense ac count note for s7o.s16. is not an asset. but an evidence of the stupendious and shrewd effort on the part of the head officers of said company showing how they havs dissipated its assets to the extent Of s7o.sls, and which they are now trying tc conceal and cover up under this note.
 Charge Officers Were Corrupt.
 Petitioners charge information and be- lief that the officers of said company have acted corruptiy and in bad faith with the public. and that they received money from petitioners and other credi- tors knowing it was insolvent at the time. and that the treasurer. George A. Blinn. Jr.. has paid out money which he should not have paid out. whereby peti- tioners were defrauded.
 Petitioners then go Into detail as to the character and amount of their claims They state that on or about December 10 1900 the Southern Debenture Redemption Company, one of the companies absorbed by defendant. had reserve fund of N6.- PAT .ss. and was entirely solvent. They charge on information and belief that the treasurer. George A. Blinn. Jr.. anc other officers of defendant conceived the idea of purchasing the capital stock of said Southern Debenture Redemption Company so as to ret control of it's reserve fund and other assets, and that J. N Swan son, who was the sole owner of that com pany the officers being merely figure heads, agreed with said George A. Hlinns
 
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