Its common stock was owned by Marshall & Co. At the time of the transactions here in question, one Nims was president thereof. The Washington Coast Utilities Company (hereinafter designated as the Washington Company) had been organized and promoted by appellant, Marshall.
Proceedings were commenced for the foreclosure of the trust deed securing the bonds, and it was deemed for the best interests of the bondholders that the property be disposed of if a reasonable price could be secured. He was the dominating personality of the bondholders' committee. Lovell possessed some 233 *752 bonds of the par value of $1,000 each, and controlled 86 others owned by relatives.
#Ex dolo malo non oritur actio full
The title to all the bonds of the Wenatchee Company was placed in this committee in trust, with full power to do all necessary things to protect the interests of the bondholders. The affairs of that company becoming critical, a bondholders' committee was formed, consisting of appellee, Lovell, one John B. Briefly the circumstances are these:Īppellee was heavily interested as a bondholder in the Wenatchee Valley Gas & Electric Company, a corporation of the state of Washington (hereinafter designated as the Wenatchee Company). Appellant, Marshall, seeks to recover certain property, or its value, which he delivered to appellee in performance of a contract conceded by him to be illegal, and so found by the trial court. Byard and Shearer, Byard & Trogner, all of Minneapolis, Minn., on the brief), for appellee.īefore STONE and KENYON, Circuit Judges, and POLLOCK, District Judge.
Paul, Minn., on the brief), for appellant. (Thomas McDermott and Denegre, McDermott & Stearns, all of St. Circuit Court of Appeals, Eighth Circuit.įranklin F.
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