Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1909-01-22
SEMINOLE SUES SOUTHERN LIFE.
Receivers For the Seminole Take the
Case to Federal Court.

Columbia correspondent News and
Courier. Thursday: The Seminole case
has now gone into the Federal courts.
Judge Pritchard has given his consent
Ia the receivers suing the Southern
Life Insurance company. The petition
in the Federal case, giving the status
Of the case and reciting the history OF
il. goes on TO say:
.. That the value of the said stock
of the Southern Life Insurance COM
pany at the time of the said sale ana
prior thereto was worth less than par
(and the par value thereof per snare
was fifty dOllars,) and your orator Is
informed and believes that its value
was $40, or iess and some of its stock
had sold in the markets for $50 per
share. lust prior to the contract with
the Securities company aforesaid, all
of which was well known TO the ot1-
GERS and agents Of the said South
ern Life Insurance company and to the
officers and agents Of the said Semi
mole Securities company, prior TO the
said sale and at the time thereon.
10. That c. J. Hebert was agent In
the employ of the said life insurance
Company and represented 1t in nego-
tiating the said sale of the stock TO the
Seminole Securities company, and also
at the same time was in the employ
of the Seminole Securities company
and represented it in the purchase
thereof. and the officers and directors
of both of the said companies knew
that he was acting for both companies
in this matter. ~
II That the Southern Life Insur-
ance company employed the said He
hert TO act in connection with its gen
eral manager, G. j. Cooper TO induce
the officers and agents of the Semi
mole Securities company TO enter INTO
and carry out the said purchase ana
sale. and therefor agreed to pay 10 the
said Hebert and allow him TO retain
from the funds received. for himself
and associates (tO wit: the OfncelS Vi
the Seminole Securities companyO
large proportion of the purchase price
of the said stock, to wit: about $IlV'-
0OO designated as commissions.
- That the conduct and actions
Of the officers and directors of the Salu
Seminole Securities company ana the
ooant Hebert. as hereinabove alleged,
was without authority Of the stock
holders Of the said Securities compa-
nv and without any notice TO the salu
stockholders thereof, and was never
authorized nor ratified by the salu
stockholders, ana NttS a AiSluN ga
rights and a fraud upon the said Sc
curities company, and we'll known 10
the said Life Insurance company so 10
be, and was induced and brought ABOUT
nv the officers of the said Life Insur,
ance company and their agent, the SAID
Hebert, and participated in by the Oh
ficers of the said Life Insurance COM
nanv. who combined and conspired' to,
rether with the said officers ana
agents of the said Securities company,
10 consummate the said fraudulent
transaction as herein alleged.
13. That the said transaction was
conceived and consummated III fraud
Of the rights of the stockholders ana
creditors of the Securities company
and the Southern Life Insurance com
many. it's officers and agents, nao
knowledge of the fraud and partlcl-
pated therein and profited thereby ana
conspired and colluded with the ofn-
GERS and agents of the Seminole Secur-
tiles to defraud the said Securities
company by means of the said con,
tract. and did thereby defraud the said
Securities company and damage II 10
its great and irreparable hurt and IN
Jury.