Every evening, Wilmington daily commercial., 1922-04-13
RECEIVER SOUGHT
FOR POLISH COMPANY
Action in chancery Against the
United Development Cor
poration and Directors.

on A bill OF complaint fled by Vim
cent J. KowalsN against the United
Development Corporation and Martin
Tomczyk. John &. Bogucki. Bronislaw
Lewandow~ki. John r. Pietszuski.
Roman emolka and Peter g. Cieni-
ewicx, directors OF the corporation.
Chancellor woleott has issued rule.
returnable Friday. April al. to show
cause why. pending final hearing or
the cause, n receiver or receivers
should not be appointed. why pre-
lminary injunction should not be Is
sued restraining the defendant cor
poration, Its directors. officers. agents,
attorneys and employees from con-
Quoting Its business. collecting money
due, etc. and why the directors should
not be restrained from voting or at
tempting 10 vote or N>om assigning.
transferring. rledging or IN any other
manner encumbering or dispos,nt OF
the shares of the common stock OF the
corporation now owned and held by
them, or so much thereof as may ap-
pear by them 20 have been Illegally
acquired.
The ChauO,u,C further directed that
the complainant, file affidavlts in sup
port OF the rule by April 10. that the
sffidavits on behalf OF the defendants
he fled by April 30. and that affidavits
on behalf of the complainant in re-
ply be filed at the return of the rule.
In the bill OF complaint. kowalski
states that he Is the owner of thirty
shares OF common stock of the corpo-
ration: that the corporation was in
corporated under the laws OF Delaware
IN 1914 with a capital stock OF $500.
600: that the corporation operates the
Polonia moving picture theatre. 10
Gated on Maryian nd avenue. the Pc
lonia Weekly. q newspaper published
IN the Polish language. and Colonial
Hall. and that Il has other real and
personal property exceeding 100000
The bill alleges that the corpora
ton gave promissory notes for SSO,-
eco which was solicited through adj
vsrtisements in the Polonia Weekly
and that the money was not invested
but was used as working capital. sc
that II could he readily converted
into cash in order 10 meet the notes
The corporation. the bill charges. Is
without liquid assets with which &c
they be made. Some Of the notes
have heen paid. the complainant sets
forth. hut payment Of others has beer
refused for the reason that the cor
poration has practically no cash ol
other LIQUID assets. The bill state:
that there are outstanding notes pay
able Of the corporation in the amount
81 s24ssSsl. all OF which. except
Ing two notes aggreeacins 5000. ar
either demand notes or are now du'
and payable.
The bill alleges that about JUNE
20. 1921. the treasurer. John 5. 30
xucki. was short $2.s17.51 and tina
the directors accepted a promisSor,
note unendorsed and without securit,
from him for the amount and tina
the note has never been paid. Aoou
December 81. 1921, the bill alleges,
wa. disclosed that John y. Fetuszks
secretary Of the company and there
fore manager OF the PoloniA Weekly
was short sS75.73. that the director
accented promissory note unen
dorsed and without security from hin
for the amount and that the note ha
never been paid. The bill also ailege
that an nudlt Of February rs, las
revealed that Boguoki was furthe
short sums OF s2.029.ol. $3.50 an
$500, the latter United States bonC
The directors, the bill asserts. neve
removed either of the officers fror
once.
The corporation. il IS charged
and has been unable TO meet its cui
rent obligations as htey come due.
The officers OF the corporation al
Rronislaw Lewandowski. president
Martin Tomczyk. vice-president: job
y. Pietuszka, secretary. and John
Bogucki trea surer.