Postby dognose » Fri May 21, 2021 4:30 am
Daughter of the Late Charles W. Bailey Asks That Trustees of the Estate Be Removed
PHILADELPHIA, Pa., June 29.—A petition alleging violation of trust and asking for the removal of the three trustees of the estate of the late Charles W. Bailey, a member of the firm of Bailey, Banks & Biddle, has been filed in Orphans’ Court here on behalf of Mrs. Emilie Bailey Collette, his daughter.
President Judge Lamorelle issued a citation to David E. Hilsee, Harvey Courley and William H. Haupt, the trustees of the estate and in whom the late Mr. Bailey had great confidence, directing them to show cause why they should not be removed from office. No date has been set for the hearing.
The petitioner avers that the trust fund created under her father’s will is not properly protected by the present trustees, who, she states, have acquired a personal and individual interest in the trust estate which is antagonistic to her interests and of such a nature as to disqualify the trustees from an impartial and proper performance of their duties. She also alleges that they have attempted to coerce her into confirming their actions as trustees by withholding her income from 1,153 shares of preferred stock and 1,934 shares of the common stock of the Bailey, Banks & Biddle concern.
The petitioner declares that under the will of her father, who died Dec. 9, 1922, there are specific provisions that only one of the three trustees of the estate shall be employed or connected as officials with the Bailey, Banks & Biddle Co. and that the will also named Frank A. White, an employee of the company at the time of Mr. Bailey’s death, as one of the trustees. Mr. White also had charge of the testator’s private business affairs.
The trustees are prepared to make a general denial of the charges made by counsel for Mrs. Collette.
The trustees are prepared to say that they have carried out the trust in the intent of its founder and that Mrs. Collette’s charges are not based upon facts.
Source: The Jewelers' Circular - 1st July 1925
Trev.