Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1908-01-15
STOCKHOLDERS ASK THAT MER-
GER OF TAZEWELL COUNTY
COMPANIES BE DECLARED
VOID.
APPLISATIOh WILL
Be MADE FOR RECEIVER
Complainants Also Ask That the
Mortgage of the New Company,
Extended To New York Trust Com
pany, BE Declared Null.

In the United States district court
suit in equity has been instituted
by Horatio y. Campbell and other
Philadelphia stockholders, which
| seeks to have the merger of the Po-
| cahontas Golfers company and the
Pocahontas Consolidated Golfers
company, of Tazeweu, Va. into the
Pocahontas Consolidated Golfers
company, which was accomplished
during the past year, declared null
and void.
The formal motion has not been
made for the appointment of a re-
ceiver. or for the injunction as pray
ed for, in the bill of the complain
ants, but it is understood that this
will be done Immediately upon the
return of Judge Mcdowell from
Rogersville, Tenn, where he was
called on Sunday to the bedside Of
sick relative.
The style Of the suit is Horatio n
Campbell, Charles A. Hoppin, Henry
Bassett, Gilbert NJ. King, Mary
Kempton, Carrie ]. Baker, executrix
Of the last will and testament of
Asa A. Fenton, Allen G.. Hunt and
Sarah f. Doyle, against James ELL
wood Jones, G. l.. Boissevain, Ham
ilton +. Kean, Charles S. Thorne,
Isaac T, Mann, Philip Goodwill,
Stuart NJ. Bruck. Harry Bowen,
Jenkin Jones, the New York Trust
company, the Pocahontas Golfers
company and the Pocahontas Con-
solidated Golfers company.
The bill begins it's prayer for for
NAL application for the appointment
Of receiver to take charge of the
affairs of the Pocahontas Golfers
company, and that the case be refer
red to master for an accounting.
The complainants ask that the
| merger agreement by which the
companies were consolidated and the
consolidation be declared null and
void, and that the mortgage of the
new company, executed TO the New
York Trust Company, dated July 1st
| 1907, to secure an issue of bonds not
to exceed $2O,OOO,OOO, be declared
null and void insofar as it purports
to create lien or charge upon the
properties and franchise heretofore
held and owned by the Pocahontas
Golfers company, and to that end
that it be set aside
That the assets of the Pocahontas
Galleries company be re-delivered
to the said company, together with
any profit found TO be due by reason
of the operation of its properties.
The complainants ask that the Po-
cahontas Consolidated Galleries
company be restrained from spend
| ing any more money I'm the develop
ment and Improvement of the prop
erty; from issuing any certificates
or negotiating any additional bonds
to be secured by trust: from Great
ing any indebtedness or further lien
upon the property of the Pocahontas
| Galleries company, or disposing of
any of the assets of that company;
and from paying any interest on said
bond issue or paying any dividends
on the stock of the new company.
The Pocahontas Galleries compa-
ny, which has been merged into the
new Pocahontas Consolidated CO..
lieries company. succeeded to
business of the Southwest Virginia
improvement company. which was
chartered by the general assembly on
March Q, 1890, receiving it's charter
on February 9. 1901 The Pocahon-
tas Consolidated Galleries company.
into which the two companies have
been merged, received it's charter
from the state corporation commits
sion on May 20, 1907, and the mer-
ger took place some time during
the succeeding month. This compa-
ny has a capitalization Of S2.SOO.OOO
OF 6 per cent. cumulative preferred
stock, and $5,O0O,000 OF common
stock. The bond issue taken by the
New York Trust company is to ag-
gregate not over S2O,OOO,OOO of s
per cent gold bonds, payable i'm forty
and fifty years
70 is gathered from the bill in the
case that the cOmplainants owned
PA shares OF preferred stock in the
POcahontas Galleries company, the
old company, this stock having par
value Of 800. It is alleged that
this minority Jeprlsentation Of the
stockholders was forced to accept
per cent. bonds OF the new company
in lieu Of their preferred stock. thus
becoming creditors OF the new com
pany rather than part owners I'm #.
The attorneys IN the case are y
$. Clark and r. A. Mccarthy, OF
Philadelphia, and Kirkpatrick and
Howard. Of this city. -Lynchburg