Smith v. Bunge
| Decision Date | 06 December 1934 |
| Docket Number | No. 22322.,22322. |
| Citation | 358 Ill. 229,193 N.E. 122 |
| Parties | SMITH et al. v. BUNGE et al. |
| Court | Illinois Supreme Court |
OPINION TEXT STARTS HERE
Error to Appellate Court, Second District, on Error to Circuit Court, Du Page County; William J. Fulton, Judge.
Suit by Frank J. Smith and others against Gus H. Bunge and others. To review an order of the Appellate Court (272 Ill. App. 182) which reversed a decree dismissing the bill and remanded the cause with directions, plaintiffs obtained a writ of certiorari and bring error.
Writ of error dismissed.
C. A. Carlson, of Downers Grove, Charles W. Hadley, of Wheaton, Harvey T. Fletcher, of Chicago, and Gustav H. Bunge, of Downers Grove, for plaintiffs in error.
Charles Hudson and Chilton P. Wilson, both of Chicago, for defendants in error.
Complainants, as minority stockholders of the Downers Grove Investment Company, filed their bill in chancery in the circuit court of Du Page county against the Downers Grove Investment Company, the Burke Storage Company, the Mason Real Estate Improvement Company Gus H. Bunge, Mrs. F. M. Bunge, George H. Bunge, Mrs. George H. Bunge, Ernest E. Bunge, Charles Williston, and C. J. Dunham, defendants. It was alleged that the Downers Grove Investment Company was a corporation organized under the laws of this state to act as agent for others in the purchase, sale, renting, and management of real estate, in operating insurance agencies, lending money on real estate mortgages, on industrial or railway bonds, on public service corporations, on municipal or quasi municipal bonds, and dealing in such securities, and for no other purpose; that the defendants have grossly mismanaged the affairs of the corporation by permitting Gus H. Bunge, its president, George H. Bunge, the Mason Real Estate Improvement Company, and the Burke Storage Company to withdraw large amounts from the investment company for their own use and for the use of the real estate and the investment companies; that such withdrawals were fraudulent and have reduced the assets of the corporation to such extent that insolvency either exists or is imminent; and that the defendants have refused to collect this indebtedness. The prayer of the bill was for the appointment of a receiver to take charge of the affairs of the investment company and to collect the money due it from the defendants, for an accounting between the investment company and the other defendants, and for general relief.
The defendants answered, and the cause was tried by the chancellor, who dismissed the bill for want of equity. An appeal was perfected to the Appellate Court for the Second District. Thereafter, and without disposing of the appeal, a writ of error was sued out from the Appellate Court to the circuit court of Du Page county. The defendants joined in error, and, upon hearing, the decree of the circuit court was reversed and the cause remanded to that court, with directionsto enter a decree appointing a receiver for the Downers Grove Investment Company and for an accounting between it and the other defendants in error, as to all their acts and transactions with the Downers Grove Investment Company, and as to all acts between it, by and through any of its officers, and the defendants in error. It was ordered that the parties produce before the master all books, records, papers, and writings in their custody or under their control and to submit to an examination upon oath touching the accounting. Certiorari was granted by this court, and the cause is now here for review.
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