A motion to constrain the Judea Life Insurance Company of New York, a subsidiary of the Judea Insurance Company, Ltd. of Palestine, from increasing its capital stock from $150,000 to $1,000,000 was denied by Supreme Court Justice John L. Walsh, who reserved decision on the matter when the case came up before him last Friday.
The injunction was asked by David Blumowitz who owns 3 shares of stock in the Judea Industrial Corporation, the parent body of the two companies, and Nathan Chasan, formerly connected with the Palestine insurance company and owner of 2 shares of stock. They asked the injunction on the contention that the Judea Life Insurance Company is in a prosperous condition under the control of its present officers and stockholders, but may come under the control of outsiders if its capital stock is increased to the extent planned. Forty thousand shares of stock of the Judea Life Insurance Company have been sold.
The court held that the evidence submitted was not sufficient to warrant the court exercising its discretion.
This suit is one of a series of lawsuits now pending in the New York courts in connection with the dissension among the stockholders and the present and former directors of the Judea Industrial Corporation and its subsidiary organs.