Word: receiverships
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...accused Judge Walter C. Lindley of having been virtually summoned to Chicago in 1932 by Samuel Insull's personal attorney to handle the receivership of Insull's Utility Investments, Inc. On the day the receivership was filed Insull's attorney telephoned Attorney Lawrence Allen at Danville, Ill. Mr. Allen telephoned Judge Lindley who was then sitting in that town. Next day Judge Lindley appeared in Chicago, sat in the absence of Judge Wilkerson, and appointed Lawyer Allen as attorney to the Utility Investments, Inc. receivers...
...been too much for Browning, King. President William Hull Browning, whose estate at Rye, N. Y. is filled with exotic birds, had grown less and less active. There were no Kings left in the firm. Two years ago President Browning started to put his company into receivership, listing himself as a $486,000 creditor. The court granted a stay. Mr. Browning moved up to the board chairmanship, put Vice President Edward C. Koempel in as president. But business did not improve and President Koempel was unable to work off his load of debts. With insufficient capital, with merchandise, rent...
...tributes to the English-born immigrant who had achieved great things in his adopted country. But even then Sam Insull's pedestal of fame and fortune was tottering. His trouble dated back to 1928 when Capitalist Cyrus Eaton of Cleveland, through Continental Shares, his investment trust, now in receivership, decided to buy working control of a number of Insull utilities. Sam Insull was probably worth $100,000,000, but he did not own any great fraction of his companies' stock. He ruled them because he had built them. To head off Mr. Eaton's raid-a raid...
...fantastic holding companies from tumbling. He had wrecked his own empire. April 10, 1932 was his Waterloo. He and Sam Jr. conferred with the bankers at the exclusive Chicago Club. They did not dare meet elsewhere for fear the dreadful news would leak out. At that meeting a receivership was agreed upon. Samuel Insull, Charles A. McCulloch and Edward N. Hurley (now deceased) were to become the three receivers of the downfallen domain. Less than a month later Mr. McCulloch went to Samuel Insull and told him that his brother Martin would have to give up his job as president...
...Depression came and the outside world stopped buying so many candy bars and cookies. Zionites grew restive, grumblingly drifted off into new sects. Year ago Prophet Voliva's world cracked under him when Zion's industries, once worth $10,000,000, went into receivership (TIME, June 12). Last week that world was heaving in open rebellion...