Download e-book for iPad: Caldwell and company: a southern financial empire by John B. McFerrin

By John B. McFerrin

ISBN-10: 0826511481

ISBN-13: 9780826511485

Now again in print! the increase and fall of a Southern monetary empire.

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Example text

This is the last recorded decision that I have been able to locate regarding the acquisition of Brentwood by the State of Tennessee. It was not the last action, however. In October 1948, the Brentwood property was put up for public auction to satisfy the State and the Federal government's liens against it. The State bought the property for $150,000, simply applying this to its claim against Rogers Caldwell, and paid the federal government $56,000 in a compromise settlement to remove its claim from the property.

Piercing the corporate veil" is the phrase the legal profession bandies about. The position taken by the receiver, Anderson, was that Banco was really just a subterfuge that had been interjected between the stockholders of National Bank of Kentucky and the Bank, that the stockholders of Banco were really stockholders of the Bank, and that they should be held personally responsible for the liability on the stock, since Banco itself was unable to pay. It should, at this point, be noted that Banco stock was held by individuals who had received their Banco stock in exchange for their participation certificates in the trust owning the stock of the bank and the stock of Louisville Trust Company, and also by individuals who had bought Banco stock for cash.

No commitments were made for bonds in the name of the company but Rogers Caldwell earned small commissions by obtaining buyers for various issues. Under this arrangement the danger of being unable to secure a buyer for a given issue remained and, since James E. Caldwell did not want to add a bond department to his business and Rogers Caldwell wanted a business of his own, an entirely distinct organization, Caldwell and Company, was established in September, 1917. A charter was obtained from the state of Tennessee on September 26, 1917, creating Caldwell and Company "a body politic and corporate for the purpose of dealing in, buying and selling securities, stocks and bonds" and authorizing a capital stock of $100,000.

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Caldwell and company: a southern financial empire by John B. McFerrin

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