The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-11-03
S5O,OOO
DAMAGE SUIT
IS BEGUN
Charge Made in COurtAgaln-
st tn. SouIias by Mer-
chants Improvement
Association

Charges that Theodore H. Soulias.
Hammond merchant and real estate
holder. deliberately attempted to
wreck the Merchants Improvement
Association in order to get revenge
on certain Of its officers and stock
holders are made in suit for S5o,-
600 damages filed today in the Ham
mond superior court by the Associa-
ton against Soulias.
sociation owns 100000 worth OF VAL
liable business property on State st,
and is rapidly developing the street
soulias was one OF the stockholders
Complaint alleges he was trouble
some. quarrelsome. hard to deal with
and dissatisfied with the manage
ment In disagr reements at various
times he is said TO have threatened
to get vengeance on some OF the OF
tcers and controlling stockholders.
Efforts were made to buy his stock
but he refused to accept the amount
Of his investment plus interest. Sew
eral times he Is said to have declared
he would wreck the corporation. He
would have the property OF the nrm
sold at judicial sale so that stock
holders would suffer great loss and
those who might be successful bid
ders would purchase the property
at a great advantage.
In carrying out this threat he and
Charles P Rogers are alleged to have
filed the suit for receiver in the
superior court. May 20. This came at
time when the corporation was at
tempting TO reflnance a loan and It
is said was intended TO hinder the
association and impair its credit.
After repeated delays on the part
OF Soulias and Rogers the suit was
dismissed July goth.
Then Soulias filed an involuntary
petition IN bankruptcy against the
association in the federal court. He
claimed he was creditor to the ex-
tent Of $4,000 He claimed an act
in bankruptcy had been committed
when Hammond bank had been
paid $4,000 IN preference to other
creditors.
The complaint explains this suit.
The money paid the bank was on a
note for $500 and in consideration
of the payment a note for $4,000 was
renewed. Soulias through conni-
vance with other parties managed
to buy this note and thus became
creditor IN order to give himself the
color of right to file the bankruptcy
petition.
When this petition was hled the
association was attempting 70 oor-
row $40. 900 on some OF its property.
Because of the suit It was necessary
to pay a commission of $4,000 on
the loan which ordinarily could have
been obtained for $1,000.
Because the U. S. district Judge
was out of the district when the
bankruptcy action was started IT was
Impossible to get an immediate hear
ing in the matter. 1t was finally
brought before Referee Sheridan on
October %. Soulias did not appear
at the hearing and was not repre-
serted. Mr. Sheridan made f1nd-
tng and recommendation to Judge
Anderson to dismiss the petition.
Tne association claims to have
peen put 20 great expense and tncon-
venience IN combating these court
actions. The publicity which they
attained has worked TO the damage
Of the standing of the association. 1t
is alleged that the suits were brought
raliciously by Soulias and for that
reason the corporation asks for $50
600 damages. Bomberger, Peters &
sociation in the suit