The Owosso times. (Owosso, Mich.) 1897-1926, 1913-06-20
APPOINTED
Fox 1 Mason Furnitue Co.
of COrunna MiSmanaged

Rudolph J. Colby was on Wednesday
appointed receiver for the Fox & Mason
Furniture Co. of Corunna, and will be
in charge of the business until the hear.
ing June 26 on the application to make
the receivership permanent. The de.
tailed statement of the matter follows:
Corunna, June 1S--A petition for
the appointment Of receiver to take
charge of the business affairs and
property of Fox & Mason, furniture
manufacturers, has been filed in CIR
cult court by A. l.. Chandler of Owos-
so, small stockholder in the COM
pany and counsel for the creditors of
the firm. Mr.. Chandler also asks
that an injunction be issued, restrain
ing Samuel l. Fox, president of the
company, Edward L. Mason, vice
president, and George ID. Mason, sec-
retary and treasurer, from disposing
of any of the company's assets, or
collecting or receiving any money for
the company, until further order
from the court.
The petition charges gross misman-
agement on the part of the officers of
the company, declaring, that said
officers either intentionally neglect
the affairs of said corpo ration or
have neglected the management
OF said corporation to such an
extent that it's affairs are in
hopeless tangle and confusion"
There is no one in authority at the
plant, the petition declares, and each
member of the firm lays the blame
for its present condition on the other.
The petition prays for an inven-
tory of the stock and other assets of
the company, and wants them applied
Oh the debts of the corporation. 1t
asks that something be done to pro-
vide insurance for the plants, as the
company in which they are insured,
has notified them that unless the
premium is paid by June Is the poll
cies would be cancelled.
Mr.. Chandler states in his bill that
he has been informed by the vice
president of the company, who is Ed
ward l.. Mason, that the company now
owes $40, 900, and that it's buildings
machinery and appurtenances are
worth $4,000, when running. This
amount, he said, would include the
good will of the firm, but as the fac
tories are closed, the value is de-
creased at least SO per cent.
Other assets of the company are
approximately $4,000 worth of part
ly manufactured stock, and $4,000
in bills receivable. He declares that
demands have been made for the
payment of large part of the in.
debtedness, but that payment has
been refused.
The petition declares that on June
IL, Edward l.. Mason went to Grand
Rapids and sold furniture to the value
of $1,000, but that as yet no entry OF
the sale has been made on the books
of the company, or has he turned over
the money to the company. Mr..
Chandler declares that June 16, he
and Matthey Davidson of Flint and
and Matthew Davidson went to the
factory, where they found three cars
of furniture being shipped. They were
told by Clarence E. Welch, Office man
sger, the petition declares, that there
we're no orders for the furniture on
the compa1y's books. The petition
charges that this furniture was being
secretly disposed OF by Edward l..
Mason. tet
The petition charges that s. 1. Fox,
president, George d. Mason, secretary
and Treasurer and Edward L. Mason,
vice president, have wantoI.y and
grossly neglected to perform the
duties of directors Of the corporation