The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-11-13
THE BLACK BEAR CASE
PLANS FURTHER ACTION
BRAlNARD OUTLINES POSITION
OF OPPONENTS OF
BERNIER.

hat the ueClSlOn Oh Judge WOODS
in the Black Bear case Is not accept
ed as final by those stockholders who
are opposed to the management of
Peter Bernier and to the allowance Of
his claim for salary since the forma-
ton Of the Black Bear Mines COM
pany, which succeeded the old organ
~ization, is indicated by the following
statement issued this week by L. l..
Brainard, secretary-treasurer Of the
company:
To Protect Stockholders.
THE fight to protect the interests
of the stockholders and the property
of the company is to be vigorously
continued and fought to a satisfact-
DRY conclusion. The unwarranted
and unauthorized claim of Bernier has
aroused the stockholders to a reali-
cation of their position and that of
the property. We had not anticipated
that Bernier would he able to recover
such a large amount, which means
approximately n cent per share on
the stock held by each stakeholder of
the company, and the decision is a
distinct disappointment to us, even
though we were able to reduce the
amount approximately $500 and saw
cd the stockholders that sum.
"There are several ways by which
We can seek further relief and while
no definite decision has been reach
ed, local stockholders are urging us
to appeal from the decision just CIV
en- and have volunteered financial aid.
Another course open to us, and one
which is being seriously considered,
is to make an application for the APP
pointment of a receiver for the cor
poration, which is badly in debt, and
under the decision just rendered is
left with but iva directors and a
secretary treasurer as it's officers.
The appointment of a receiver would
prevent further dissipation OF the
company funds and it's property and
also any future accumulation of un-
authorized and unwarranted salaries.
Numerous claims are outstanding
against the company, and attach
ment proceedings are threatened in
addition to the right Of Bernier to
levy an execution against the prop
erty of the company to satisfy his
Judgment. The company is in an in
solvent condition inc its funds and
property are threatened by further
dissipation through the attempt of
Bernier to hold a stockholders meet
ing last September, and al which he
attempted to elect a new board of di-
rectors and who are no doubt at
tempting to incur further illegal in
debtedness against the corporation.
Any acts of this pretended board to
incur Indebtedness against the COM
pany Is to be questioned in the courts
through injunction or other proper
proceedings at the proper time.
"At the present time it would re-
quire the levying of a two-cent as
sessment to pay the debts of the
company, while the property of the
company would remain idle, as it has
during the last three years, during
which time Bernier claims to have
earned this unconscionable amount
and which has now been reduced to
a judgment against the stockholders
and the company.
ut is the contention Of the defend
ants in the action which has just
been determined. that the Black Bear
Mines company assumed only the OBJ
legations of the old company as they
existed at the time of the taking over
of the property, and hat according to
the records Of the company Bernier
was never voted or allowed any SAL
airy as manager or president since
the acquisition Of the property by
the new company; that the new com
pany is only label for such indebted
ness that it may have incurred since
that time. and hat it did not assume
a continuing salary of a president or
manager of the old company. This
alone would reduce Bernier's claim
approximately 1925"