Supreme Court Justice John L. Walsh, in Special Tem, Part 1, of the Supreme Court, heard arguments yesterday on a motion for an order to restrain Judge Jacob S. Strahl, Samuel Mason, Jacob Ish-Kishor and Max Kanwick, officers of the Judea Life Insurance. Co., from selling any part of the additional stock issue recently authorized by the Superintendent of Insurance, pending outcome of the trail of the suit brought by Alex Freilich, a shareholder.
The request for the restraining order was brought by David Blumowitz and Arthur Kapel, named as stockholders of the Judea Industrial Corp., through their attorney, Samuel L. Silverman of 570 Seventh Ave. The court was also asked to restrain the officers of the company, Judge Jacob S. Strahl, Samuel Mason, Jacob Ish-Kishor and Max Fanwick, from issuing any new certificates of stock pending the outcome of the previous litigation.
Decision was reserved by Judge Walsh who allowed Mr. Silverman until 2 p. m. next Monday to present additional affidavits in support of his motion. Col. F. R. Stoddart, former State Superintendent of Insurance, and now counsel for the Judea Life Insurance Company, represented the defendants.
The Judea Life Insurance Company of New York is a subsidiary corporation of the Judea Insurance Co., Ltd., of Jerusalem, which is turn is a subsidiary of the Judea Industrial Corporation of New York, which also owns the capital stock of the Palestine Exhibitions & Fair, Ltd., of Tel Aviv.
The original suit which was filed last April would prevent the Judea Life Insurance Company from increasing its stock capitalization from $150,000 to $1,000,000 on the grounds that if such authorization was granted by the Board of Directors of the Judea Insurance Co., Ltd., of Jerusalem, this authorization was illegal.