Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-08
t1hI4Rl1E, INV.
Sale Of Oakland Wool
en- Mill Halted.
Senator Looney Gets Restrain:
ing Order and Files Bill.
Disregard Of Interests Of Minority
Stockholders Is Alleged.


at 10 A. M. today. received a legal trlS
Tuesday afternoon when Hon. William
H. Looney OF Portland, representing
office Of Clerk of Courts Jones and
filed there. not only ia bill in equity
asking for temporary injunction, but
also a restraining order issued Tuesday
morning By Associate Justice Henry
c. Peabody of Portland. to prevent the
sale from taking place To-Day. The
necessary documents were made out in
the ease at once by Clerk Of Courts
Jones, and Senator Looney as soon
as this was done took an electric car
for VVaterville in order to be on the
spot as earlyas possible.
The bill in equity, which is brought
against the Oakland Wooden Co. and
William r. Haines of Waterville, is
made returnable at the February rules.
The next step for Mr.. Haines will nat
urally be to apply for dissolution of
the injunction.
The compliments in the bill who rep
resent that they hold in2the aggregate
1S6 shares of the capital stock Of the
Oakland Wooden Co., are Benjamin A.
Marshall of Westbrook, George e.
Bowman of Eureka. w. A. Smith of
Bingham. II. J. Goulding of Corinna,
Nathaniel w. Taylor of Belgrade, SUI
sic A. Gage of Mansfield. Mass, Lydia
T.. Hoxic Of North Fairfield. D. A.
Marshall. II. w. Greedy, w. A. Blake,
Arnold A. Triton, w. f. Vigue, Charles
W. Wheeler, F. f.. Robinson, Charles
w. Wheeler. Lester NJ. Andrews, G. A.
Ridley, c. Jesse Blake, George Tracy,
A. D. Libby. j. +. Harris. D. F. Nc
CARNEY, Gideon c. Haynes, C. NJ. Sib-
ley. George F. Allen. E. j. Libby and
Nora =. Greedy of Oakland.
The bill in equity is a lengthy doc
urnent. but it alleges in substance that
| thr majority of the stockholders voted
Fin, October TO sell the property, real es-
state. personal property and franchises
and that at the meeting at which this
was voted a lively contest took place,
minority of the stockholders object
ing to the proceedings. William 7.
Haines, it is alleged, insisted, as he
represented the majority of the stock
holders, that the motion to sell should
be put through. From the statements
in the bill it appears that the company
is in debt to the amount of 100000, and
these debts have been purchased by
Mr. Haines, who now represents the
creditors of the concern to the amount
Of the, eptire. 100000. 1t also appears
that. a bonded Indebtedness on the
property exists to the amount of $780,
600, and that all these bonds have been
endorsed by Mr.. Haines.
The stockholders further allege that
through the gross mismanagement of
Mr.. Haines, who is clerk and treasurer
and the directors, the property of the
company has been allowed TO go into
liquidation. They claim further that
Mr.. Haines is virtually the managing
owner of the property and now say
that he is running it alone to further
his own purposes. The bill alleges also
that the proxies of these stockholders
by which he controlled the meeting of
the stockholders and forced a vote to
sell were wrongfully used by him for
that purpose.
The company, according to the state
nfentSg lin the bill, was organized in
1902 and the stockholders consisted
largely of people who live in Oakland
an6 vicinity. The capital stock was
100000 and not cent of dividends has
been received since the company was
organized. The cOmplainants say that
the concern can be operated at a prot
it If rightfully managed and can re-es
tablish itself and eventually become a
p1ying piece of property, accordingly
they desire to have the rights of the
minority stockholders carefully look
ed into and also desire time to take the
proper steps to re-organize the COM
pany. Mr.. Haines, the complainants
say, strenuously objects to such a
course as they wish to pursue. Hence
the bill in equity and the restraining
order.
The hill in equity prays:
1. That the defendant company, its
officers. agents and attorneys, may b.
cnjoined temporarily and until further
order of court from selling the real es-
tate or any of the property of the
corporation voted to be sold and add
vertiscd for sale at public auction Oct
| 20. 1909, and on said adjourned date OF
Dec. 3. 1909. and from in any way sell
ing, transferring, disposing of, or de-
livering possession of, or encumbcrine
any OF the property or assets of the
corporation until further order of the
court
9. That the sale OF personal prop
erty of the said corporation to the de.
fendent. William r. Haines. while a
director thereof, may be set aside and
declared mill and void
3. That an accounting may be had oi
all the assets, expenditures, profits ani
| business of the corporation since its
| organization.
4. That receiver may be appoint
cd to demand, collect and receive al
the property and assets of the corpor.
alton and to adjust the affairs and car
| nv on the business of the corporation
and re-organize the same under the
direction of the court lr
| 5. And for such other and further
relief as the nature of this case may
require.
-------T--------------