Luke Lea's Troubles

Fortnight ago creditors asked receiver-ships for Southern Publishers Inc. (Knoxville Journal, Memphis Appeal) and Tennessee Publishing Co. (Nashville Tennesseans), the papers of Col. Luke Lea and recently-ruined Banker-promoter Rogers Clark Caldwell (TIME, Dec. 22). In Nashville last week the court ordered a receiver in the first and more important of the suits--in which Minnesota & Ontario Paper Co. seeks to recover on its purchase of $1,500,000 Southern Publishers bonds. But it refused the receivership against Tennessee Publishing Co., "a going concern whose assets are conceded . . . to be greater than its liabilities." Straightway Col. Lea brought a $500,000 damage suit against M. & O. Paper Co., which had charged mismanagement, dissipation of assets.

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