Wright v. Federal Reserve Life Insurance

The opinion of the court was delivered by.Dawson, J.:

On August 27, 1930, the plaintiffs brought this action in the district court of Shawnee county, alleging that they owned an aggregate of fifteen shares of the stock of the Federal Reserve Life Insurance Company, defendant, of the par value of $10 per share, and that the defendant company had been grossly mismanaged, its capital and surplus of $600,000 dissipated, its liabilities greatly in excess of its assets, and that a receiver should be appointed to resell its insurance risks and to wind up its affairs.

*602On the same day an order was…