Insull Utilities Investment Inc. was a corporation securities firm based in Chicago, Illinois which became insolvent in 1932. It was formed in December 1928 with assets of $23,000,000 to $24,000,000.[1] The firm wasstarted by Samuel Insull, a former president of Chicago Edison,[2] Commonwealth Edison,[3] People's Gas Light & Coke Company,[4] and Central Indiana Power Company.[5] He was also chairman of the Corporation Securities Company of Chicago, which had a net worth of more than $80,000,000 on February 15, 1930.[6] The latter business was created to acquire securities of Insull Utilities Investments and other Insull operating and holding companies.[7]
Attorneys for Insull Utilities Investment's creditors filed a suit in a US district court in Danville, Illinois on September 22, 1932.[8] The failure of the corporation is significant because it came during the Great Depression, and its founder was a leading businessman in Chicago. The 73-year-old financier planned another venture into public utility financing following the collapse of Insull Utilities Investment Inc.[9]