Faint Odor Of Absent Promoter

FAINT ODOR OF ABSENT PROMOTER

The Asset of Ann Arbor Paint & Enamel Co.

A CREDITOR'S BILL

Seeks to Assess Ann Arbor Business Men Who Are Stockholders to Pay Up Debts

Ernest A. Dieterle, through his attorney, J. W. Bennett, has filed a judgment creditor's bill against the Ann Arbor Paint and Enamel Co. and its directors and stockholders.

The bill sets up the organization of the corporation about the middle of March with a capital stock of $25,000 and a pretended paid in capital of $7,000, which within six months utterly collapsed leaving one promissory not of $100 held by a firm of lawyers as security for fees, one damaged typewriter and a faint odor of absconded promoter and manager.

The directors of the company were William G. Henne, Charles L. Miller, Dr. Martin L. Belser, Louis J. Lisemer and John H. Gersting, whom the bill says were all regarded as prudent and successful business men except Gersting. It charges that the control of the company was entirely placed in the hands of Thomas J. Rice, who claimed to be possessed of secret formulas for the manufacture of enamels and varnishes, which he refused to reveal to the directors, but for which he was given $5,000 in stock, and Gersting, an utter stranger to them.

The bill charges that the formulas of Rice were valueless, if, indeed, they actually existed, and that said Thomas J. Rice was a treacherous, dishonest and designing speculator and that his character should have been known to said directors.

It charges that through the negligence, carelessness and unfaithfulness of the directors, the moneys, credits and property of the company were wasted, dissipated or diverted to other purposes. The stockholders are asked to pay up their indebtedness on stock and a receiver is asked to collect it. Dieterle seeks to colelct a judgment of $157.03 and $23.50 costs and requests that other creditors be allowed to come in on his bill.