The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1909-06-25

supeIdDunuduce OF receivers VII
be in charge of the Columbia Waite
& Light Co. if receivers suits file,
both in the Chancery Court OF Maur.
county and the Federal Court at Nash
vile receive favorable action. Tn,
filing of the suits appears to hav,
been race against time, in a way
the Maury county suit having beer
filed at p. m. Tuesday and the Nash
tville suit later the same night A
news story from Nashville given be
low tells the tale Of the Federal Court
suit which was filed by the bond hold
ers.
The local suit is based on the judg
ment of, $21,244.44 received recently
in the Supreme Court by Harris 4
Cole Bros against the Columbia Wa
ter & Light Co. as a result OF the
destruction of the Pump Factory in
Columbia by fire a number of years
ago, but it is a general creditors bill
and asks for the appointment of a re-
ceiver to take charge of the property
of the Water & Light Co. and later
sell out the property and satisfy all
creditors on the alleged grounds that
the company is insolvent. Service
was likewise had on MIR. Chas. Z.
Bigelow, president of the Water &
Light Co., to hold him personally re-
sponsible for the debts of the company
on the grounds that he is the sole
owner of the bonds and stock of the
company with the exception of few
shares of stock issued to qualify a
directory.
The bill was filed by Messrs. H. P.
Figuers and G. T. Hughes, attorneys
for the creditors of the company and
the style of the case is Harris & Cole
Bros and the fire insurance companies
who carried policies on the Pump Fac
tory (their names being given) VS..
The Columbia Water & Light Co.,
Chas. E. Bigelow, T. NJ. Steger and
the State Trust Co., of New York.
1t is set out by the complainant that
he judgment for $21,244.44 was re-
Gently secured by the firm of Harris |
E Cole Bros. and the execution issued |
1y the Supreme Court and was given |
o the sheriff of Maury county who re-
urned it marked, mo property OF
he defendant company, either real or
PERSONAL found in Maury county upon
which to issue said execution" That
he defendant company is insolvent
With no available assets.
1t is set out further that when the
Columbia Improvement Co. and its
llied company were sold by receiver
number of years ago, the property
vas bought in by Mr.. Chas. E. Bige-
DIV, Mr. VIM. p Parish and Mr.. T. NJ.
'teger for $4,000. That stock was
hen issued on the property in the sum
L D1UUsUUU, NIlCH VI olOSh was |
excessive and fraud upon
he creditors of the company. That a
Mortgage was given to the State
rust Co. of New York on the proper
Y and bonds issued in the sum of
125, 0O0 which bonds were turned
yer to Mr.. Bigelow. It is charged
nat the State Trust Co. was New
ork corporation and was not author
led to do business, in Tennessee and
lat the issuance of the bonds was not {
lerefore valid.
In the prayer the appointment at s
nee of receiver is asked, and that
has. E. Bigelow be made a party to 4
le suit, that the mortgage be de- {
AIRED void, that the property be sold !
q credit of not less than six months
Or more than twenty-four months,
lat an accounting be had, the pro
,eds be first applied to satisfy the
ebts of the company and then go ,
the valid creditors.