National Guarantee Credit Corp. v. Worth & Co.

Opinion by

Me. Justice Walling,

This appeal is from an order appointing a receiver pendente lite. The plaintiff, National Guarantee Credit Corporation, and the defendant, Worth & Company, Incorporated, each received its charter from the state of Delaware in January, 1919. The defendant, Franklin Spiese, was the promoter and controller of both and practically the owner of the latter. The National Guarantee Credit Corporation was ostensibly what its name indicates and was authorized to issue preferred stock to the par value of $5,000,000 and 100,000 shares of common stock. Worth & Company was…