Every evening, Wilmington daily commercial., 1922-06-01
SEEK RECEIVER FOR
BLACK PANTHER CO.
Application Will be Argued Be-
fore Chancellor Wolcott
on June 16.

Chancellor wolcott. on complaint
Of James Black. Frank r. J. Spar
maker and Charles ". Green, stock
holders OF the Black Panther OIL and
Refining CORPORATION, has issued a. rule
directed 10 the officers and former
officers Of the said corporation. reduir-
ing them 10 appear before him. IN Will
mington, on June 16. at 10 o'clock IN
tho morning, standard time. 10 show
cause why n receiver or receivers,
pending final determination of the
ceuee, should not be appointed 70 take
charge md possession Of the books,
records, moneys. etc, Of the defendant
corporation. and all it's assets, real
and personal, and. further, to show
cause why preliminary injunction
should not be Issued. restraining said
corporation. It's officers. directors.
agents, attorneys and employees from
conducting any OF the business Of the
corporation, pending final determina-
ton Of tho cause. and from receiving
or collecting any moneys due it. &c.
Tho chancellor has also ordered that
affg1avits on behalf Of the complain
ants be filed on or before June 3;
that affidavits on behalf Of tho de-
PENDANTS be filed on or before June
II. and that afldavlts on behalf Of
tho complaina nts. In reply. be filed
on or before tho date and time fxed
for the return OF tho rule He further
ordered that pending hearing on the
rulo. or until further order of the
chancellor, a writ be issued restrain
Ing the corporation from selling or
disposing Of any Of the capital stock
Of the evaporation and from selling or
disposing or in any manner incumber-
Ing tho assets of the corporation ex-
cept in the ordinary and usual course
| OF business. Caleb s. Layton Is soljci-
/ tor for the complainants.
| The bill Of complaint alleges thai
tho complalnants "purchased theii
stock believing tho false and fradulen
statements which were made to them
which false and fraudulent statement
were made with the fun knowledge n,
authority of tho officers and director
Of tho said corporation. respondent
who knew ~ the time that tho salt
Statements wero false and fraduIsn
land were being made to these com
plainants and other stockholders sole
" for the purpose of inducing them Z
lbeconne stockholders therein"
. The principal office Of the respor
dent corporation Is at 1868 Rae
street. Philadelphia. and tho corpor
atoms total authorized capital stoc
lis $40 900. 900. according to tho bill z
complaint. H. r. Idndley. vice pres
dent of tho respondent corporation
the bill of complaint says. is now i
the Philadelphia County Prison, an
; NJ. w. Friedell. the bill states. ia no
a fugitive from Justice. charged wit
, embezzling or missppropriatiug 4
least $4,000 Of the corporation
funds.
Ths corporation vas solely IN
creation Of ", W. Frisdell and his wff,
g. W. Fr.edell. tho bill continues. an
was entirely under their dorntnatio
and control. and the board of direc
. tors was entirely subservient TO- then
Tho bill further alleges:
That tho stock Of the said corpor
alton was sold 10 a great extent IN In
, smaller cities Of Pennsylvania, Ne
York and New Jersey. and 70 n
extent Of 100000. upon the repre-
sentation that II was paying no hrol
erage commissions for sale. and IN;
the corporation was receiving pra,
. t!caily the net amount OF the sui
L scriptions; that VI. W. Frtedell ";
J. in the employ Of the Standard r
2 co. for 20 years. vas a personal frier
Il OF John D. Rockefeller, that ne "
an expert oil man. had and would g
q cure extremely valuable oil prope
g ties and lease hols in Indiana, Ke'
8 tucky. Ohio and Montana: that q
stockholders were merely Ioaning the
= money 20 the said corporation al
= would receive payment in full at al
e time they felt dissatisfied With the
: stock investment. and during the car
9. paign for the sale Of the said stock
dinner Was held by the corporation
q Philadelphia, at which more than I. 0
u people were present, where speech
ls were made not only by ". W. Friede
n but also by members Of the then boa
II OF directors, who are members OF I
l present board. 70 the effect that th
+. had personally investigated the pro
" critics so obtained:
% That prior TO that meeting a dl
'e dend Of 100 per cent had been paid
- stockholders. payable either IN ca
or in new stock. and that another 81
liar dividend would be paid that vel
~ that, as matter OF fact. said Fried
/ had never been employed by the Sts
dard Oil Co. had never known a
person or persons Of prominence C,
- nected herewith; that they had
Y producing properties. nor has the CO
IL pany ever sold barrel OF oil to :
date from any OF its properties; Z
although the first dividend was .
in the amount OF 100 percent TO cert
J. stockholders, no dividends were e
earned. and the same was paid sol
from the sale OF new stock or issual
thereof. and solely for the purpose
inducing additional subscriptions fr
stockholders"
TO