Norwich bulletin., 1922-02-18
INQUIRE NAMED RECEIVER
hut DETECTION WAS ]


Attorney Frank L. Mcclure of New
London was confirmed as temporary re-
ceiver of the United States Electric Co.
of Fort Neck. by Judge Christopher L.
Avery in the superior court in New Lon
don Friday morning and Attorney Nor
ris Lubchansky, Attorney Daniel NJ.
Cronin and Richard C. Davidson. pile
driver, OF New London, were named as
appraisers. Mr.. Mcguire was ordered
to furnish bonds of 100000, which IS
the same amount which he furnished
when he qualified as temporary receiv-
er. He was appointed temporary re-
ceiver by Judge Allyn, L. Brown in the
Superior court in Norwich a few days
ago on the application of George A. E,
Jones, president of the company, Theo-
dore Bodenwein and DR.. Albert B. Hart
of New London, majority stockholders.
Opposition to the confirmation of At
torney Mcclure as temporary receiver
was made by Attorney Arthur T. Keefe
When the. matter came up for a hear
ing Attorney Keefe stated that he rep
| resented the estate of the late John E.
Cairns and the estate of the late Frank
Z. Parker, who were stockholders of the
company the former having stock for
$500 and the latter $1,000. He said
he also represented a number of other
claims.
Attorney Keefe stated to the court
that the reason for his opposition to Mr..
Mcclure was that he did not think that
a man should be appointed who might
represent conflicting interests. He said
| that Mr.. Mcclure is or was a director
| and stakeholder of the company and al
| so creditor and it was his opinion that
| someone. should be appointed who would
| l.
meled in the discharge of the duties of a
receiver
Attorney Keefe said that it was re-
ported that Mr.. Jones held $4,000
worth of stock and that Mr.. Jones is a
| client of Mr. Mcclure He stated that
Mr. Jones is supposed to have paid in
| $4,000 in cash into the business but he
| had reason to believe that this is not so
and that there We're certain patents
which are the property of the company.
which have not been turned over to it
/ but which should be. He said that the
company had borrowed money without
any authority and that some of it never
went into the treasury.
Attorney Keefe declared that theSe
| has got to be an exhaustive investiga-
| ton into the affairs Of the company
and the court ought to appoint someone
who is not a director and stakeholder of
the company. He asserted that there
should be some investigation into the
issuance of stock, that the company is
not able to meet its bills and that it
| contemplated removing assets out of the
jurisdiction of the court.
At the court session Judge Avery
asked Attorney Keefe what specific oh
| lection he had to the confirmation of
Mr. Mcclure and how he was disqual-
! n
fact that Mr., Mcclure was a director,
stakeholder and legal counsel for direct
ors and stockholders.
Judge Avery inquired IT, any other
| creditors were represented. and Judge S.
| Victor Prince stated to the court that he
| represented two small claims and that
| he had no objection to Mr.. Mcguire. He
| declared that Mr.. Mcclure Is thorough
| ly familiar with the affairs of the COM
pany and is the logical man.
| Attorney Charles L. Stewart of Nor
| witch addressed the court as a friend Of
the court. saving that he had Just been
handed an execution of the, New Eng
land Coal Co. of Bridgeport against the
company for $Ss5.6s and that property
| of the company had been attached He
said that he knew nothing about the
condition of the company but he mere
| " desired to state the fact to the court
Attorney Hadlai A. Hull informed the
| court that he represented seven-eighths
| of the stock of the company, the hold
| ers of which are all In favor of Mr.. Nc
Guira The only opposition he knew to
| the appointment Of Mr.. Mcclure was
that of Attorney Keefe, who only rep
resented about $1,000 worth Of stock
! while he represented about $40 900
worth; $4,000 of which was held by
Mr.. Jones.
He read letter from Judge Arthur
p. Calkins which stated that the latter
represented 81 creditors with claims OF
| approximately $4,000 and he favored Mr.
MCGUIRE
Attorney Hull said that some Of the
patents referred to belong to Mr.. Jones
and some to the company and that
these could be operated together to bet
ter advantage than separately. He said
that the company had borrowde money
but that creditors had given collateral
security for It. He denied that there
had been any irregularity in the issu-
ance Of stock. He said that the com.
pany had issued $4,000 worth Of stock
and that he represented about $4,000
of It.
Judge Avery said that the wishes. o.
the creditors should be considered In
the appointment of receiver and HI
did not understand that Mr., MCGUIRE
was In any way disqualified. He sale
that receiver usually represented
some stockholders and creditors and ht
approved an order, to be filed later con
irming Attorney Mcclure
Counsel for Attorney Mcguire sug-
gested the names of Attorneys MORT.
Lubchansky and Daniel NJ. Cronin az
appraisers and Attorney Keefe suggest
ed the name Of Mr. Davidson
Judge Avery inquired If the appoint
ment Of three appraisers would unrec
sanity encir1ber the reoeivershYi es-
tate. and upon being Informed that I
would not he made these three appoint
ments.
The court passed an order for tn.
usual four months for the limitation o
claims.
Can Afford to Grin
All the people who are going t,