Evening journal., 1922-06-01
Charge fraud
AGAINST OILCO.
Receiver Asked for Black
Panther Oil and Rein
ing Corporation
CHANCELLOR SETS
HEARING FOR JUNE 10


Black Panther OIL and Refining
Corporation. a corporation of Della
ware. and officers and former OFF,
GERS OF the concern, Chancellor VOL
colt yesterday issued rule directed
TO the respondents requiring them
to appear before him at 1890
o'clock, standard time. June 16.
They are TO show cause why a re-
ceiver or receivers. pending final de-
termination Of the cause. should not
be appointed to take charge and
possession OF the books, records.
moneys. etc. of the defendant cor
poration and all its assets. real and
personal, and further to show cause
why preliminary Injunction should
not issue restraining the corpora
tion. its officers, directors. agents,
attorneys and employees from con-
ducting any of the business of the
corporation. pending final deter
miDation OF the cause. and from re-
oeiving or collecting any moneys
due 1t, etc.
The Chancellor further ordered
that affidavits on behalf OF the COM
plainants be filed on or before June
s; that affidavits on behalf OF the
defendants be filed on or before
June Il, and that affidavits on be-
half OF the complainants in reply
by filed on or before the date and
time fixed for the return OF the rule.
It was further ordered that. pend
ing hearing on the rule, or until
further order OF the Chancellor, a
writ issue restraining the corpora
ton from selling or disposing OF any
OF the capital stock OF the corpora
ton. and from selling or disposing
of or in any manner encumbering |
the assets OF the corporation. ex-
cept in the ordinary and usual course |
Of business.
Caleb S. Layton Is solicitor for the /
complainants.
The cOmplainants allege in the |
bill that they purchased their stock |
believing the false and fraudulent /
statements which were made TO [
them" and which false and fraudu-
ent statements were made with the
'ull knowledge and authority OF the
officers and directors of said cor
Doration, respondent. who knew at
he time that the said statements
we're false and fraudulent and were
being made TO these complainants
md other stockholders solely for the
purpose OF inducing them TO become
therein"
The principal office OF the re-
lpondent corporation is at 1868
Race street, Philadelphia, and the
total authorized capital
Itock Is ten million dollars, accord
ng to the bill OF complaint.
II Is alleged in the bill that II. z.
.indley. Vice president. IS now in
he Philadelphia County Prison,
md that NJ. w. Fr1edell Is now a
fugitive from justice. charged with
or misappropriation
4 at least $4,000 OF the corpora
Ions funds; that the corporation
vas solely the creation OF NJ. W.
Triedell and his :, ,1fe, c. W. Friedell. I
nd was entirely under their domin-
tion and control, and that the Board
4 Directors was entirely subservient
o them.
The bill alleges:
That the stock of said corpora
ion was sold to a great extent in the
mailer cities OF Pennsylvania, New
-ork and New Jersey TO the extent
( about 100000 upon the repre-
entations that II was paying no
commissions for sale and
hat the corporation was receiving
ractically the net amount of the
inscriptions; that NJ W. Friedell
ad been in the employ OF the Stan
ard oil Company for twenty years:
-as a personal friend OF Mr.. John d.
that he was an expert
II man, had and would secure ex- /,
-emely valuable oil properties and I
in Indiana, Kentucky.
Ihio, and Montana: that the stock !
olders were merely loaning their !
ioney to said corporation and would
eceive payment in full at any time
hey felt dissatisfied with their stock /.
ivestment. and during the campaign :
or the sale OF the said stock a din !
er was held by the corporation in
at which more than a
people were present, where
peeches were made not only by NJ A.,
7. Friedell. but also by members OF !
ne then board OF directors, who are :
lembers OF the present board, to 4
le effect that they had personally a
lvestigated the properties so OBJ
lined; that they were large pro- q
ucing properties and the money OF I
lie stockholders was being wisely &
vested. That prior to that meeting v
dividend OF 100 per cent. had been
reviously paid to stockholders. pay n
bic either in cash or In new stock. II
nd that another similar dividend
ould be paid that year.
Continuing the bill alleges:
That. as a matter Of fact. said
rledell had never been employed
, the Standard OIL Company; had P
aver known any person of prom p
ence connected Herewith; that c
ey had no producing properties. b
,r has the company ever sold a W
lrrel of oil to this date from any OF X
5 properties; and although tbs tC
st dividend was paid in the amount
100 per cent. to certain stock W
,lders. no dividends were ever Il
rned, and the same was paid sole h
from the sale OF new stock or is
ance thereof. and solely for the X
lrpose of inducing additional sub 81
riptions from stockholders"
1t is though that the name II
referred to in the h
n is supposed to mean Rookie h
Her. d
CHURCH NIGHT.
Crnura1T 90