The Hartford republican. (Hartford, Ky.) 18??-1926, 1910-09-09

defendants have paid on the NOR
tgage debt of the plaintiff and in
cash, would leave $4,000 that he ought
to receive in stock estimated at its
fair market value.
l am inclined to the further opin-
ion that this property which the de-
PENDANTS Dudley and Gregg, bought at
from $500 to $500 per acre for the
mineral was traded into the corpo-
ration at $500 per acre perhaps to
be taken in stock by them in a
large measure. The land itself at
$4,000 per acre would probably be $780,
900 at that price. So the capital stock
of the corporation being $1,50O,00O,
which is practically four times the
value of the land which was trans
ferred; but | presume the corpora
ton will sell the difference between
$355,0OO the value of the coal land
and the $l,500,000 for cash, or 1t
will be treasury stock, so it seems
that the defendants, Dudley and Grog
have put this mineral right into the
corporation at something like seven
times the price they paid for 1t;
or, to be more liberal to them, say
six times the price they paid for it
so this stock, | take it would be
worth 16 2-3 cents to the dollar fig
ured on that basis.
II the plaintiff was to receive pay
for the excess over $4,000 in stock
of the corporation to be organized,
then he ought to receive a fair
equivalent for it's $1,000 the balance
unpaid, in the value of the stock.
Figuring $4,000 to be paid in stock
at 16 2-3 cents to the dollar would
require 100000 in stock worth 16 2-3
cents on the dollar to pay the debt
1t seems that the plaintiff has al
ready received $26,SO0 in stock of this
corporation. So, If these figures are
correct the defendants, Dudley and
Grogg would be required to have its
co-defendant, the Green River Coal
Mining company to deliver to the
plaintiff $1,000 more in stock of the
corporation, the Green River Coal
Mining company. Upon their failure
to do that the court would adjudge
him a lien on the surface of the
tract that he sold, for s533.33.
From my reading of this record l
gather that the defendants, Dudley
and Grogg still own the surface of
this plaintiffs tract of land, and to
that extent L am of the opinion that
the consideration which the plaintiff
has received has failed, or in other
words, that the true consideration of
$4,000, the fair value of this farm,
has not been paid in full; that there
is still due him the above sum. That
being the courts conclusion the court
can adjudge this sum a lien on the
surface of the tract of land and Or
der it enforced. But as mentioned
above, / think it was the understand
ing that the plaintiff was to accept
all in excess of $4,000 in stock of the
corporation and the defendants, Dud-
ley and Grogg within a reasonable
time, say before December /, 1910,
shall deliver to him $4,000 more in
the stock of the Green River Coal
Mining company. Then this matter
can be finally ended in this court
If they do not by that time, then
the court can by future order enforce
a lien on it for the S533.33.
The record in this case contains
over a thousand pages and | am
not sure that have gotten the real
situation in my mind, but these fig
ures, as | see it, do substantial JUS
tice between the parties to this law
suit and ends it so far as this court
is concerned. The situation disclos-
ed by this record shocks the court
While / do not think the plea of in
sanity is sustained, yet the plain
tiff seems not to have had sufficient
Judgment to take care of his own
interests, especially after he receiv-
ed the stock in the corporation. He
seems to have traded it, pledged it,
bought lots, mills gave notes for them
pledged stock as collateral borrow
ed money and pledged his stock as
collateral, suffered the stock to be
sold, has gone into the hands of
several parties, and / do not think
the court can furnish him any re-
lief in the way of cancelling these
contracts.
This opinion can be pledged with
the clerk and kept by him until the
next term of court, and il counsel
desire to be heard further about it
they may do so insofar as the cor
rectness of the figures in this case