Document 0gg8ML4V35pZdz7LJJdeGBj6d

Cleveland, Ohio May 25, 1959 MATTERS OH WHICH DIRECTORS AND/OR EXECUTIVE COMfflTETEE ACTION HAS BEEN TAKEN AND ON WHICH OTHER ACTION IS PENDING Tot All Directors PAINT DIVISION 1. Sadolln & Holiriblad, Ltd. (10) - We are still awaiting receipt of executed copiec of the Technological Service and Trademark Agreements approved by our Directors July 29, 195. Mr. Axelsen, President, advised Mr. Dupont on March 7 that we would hear from him as soon as he had had an opportunity to discuss the matter with Mr. Lora Foss, who visited us the latter part of February. No reply has yet been received to a follow-up letter written by Mr. Fulton on May 15- 2. general Paint Corporation of Canada (10) - The status of this matter remains unchanged. Discussions with Mr. Ayres, General's principal stockholder, have been deferred until such time as he is able to represent a controlling Interest of this corporation in his negotiations. 3- Finoka Farg och Feraiesfabrlks (20) - We are still awaiting receipt of executed copies of the IndustrialTSaint License Agreement approved by our Directors September 2k, 1957 No reply has been received to our February 2, April 1 and May 15 follow-up letters. !v. Douglass Paint Company of Vancouver (6) - A contract covering acquisition of the assets of this company and its affiliate, Mowat-Gmxt, Ltd., has been approved by Douglass' Board of Directors and a proposal is currently being prepared by Mr. Dorfmeyer for submission of the contract to our Executive Committee as soon as action is taken by our Branch Cccmittea and prior to its execution. 5* Scarfe & Co.ff Ltd. (2) - Investigations by Mr. Dorfmeyer directed toward the possible acquisition of the stock of this Canadian paint manufacturer by The Glldden Company, Limited are continuing. 6. Braadram-Benderson Holdings, Ltd. -- Investigations by Mr. Dorfmeyer directed toward the possible acquisition of the stock of this Canadian paint manufacturer by The Hidden Company, Limited axe progressing. CHEMICALS-PIGMENTS -METALS DIVISION 1. Scranton Plant (11) - We expect within the next two weeks to submit a proposal to the Trustee in Bankruptcy of Dumont-Airplane & Marine Instruments, Inc., for approval by the court, which we hope will permit us to secure title to the Scranton property covered by our mortgage at a price commensurate with its fair market value and establish a claim as a general creditor for the balance of indebtedness due us. CLD010040 Beading Matters Report 2 1602 May 25, 1959 FOOD DIVI3I0M 1* Propo bcd Sale of Norwalk Plant (23) - The property has been listed with CraginLang-Free & Co., as authorized by the Executive Committee on February 18, 1959, and has been advertised in the May issue of the "Industrial Property Guide" published by the Society of Industrial Realtors. We are allowing through June and July to see if any Interest develops. If no prospects are developed within this time, the Executive Committee will be asked to determine if t o should continue to hold the property hoping for a purchaser at $185,000, or dispose of it at a lower price more competitive with other offerings in the area. 2. Proposed Acquisition of Property In Louisville (9) - A decision is expected to be reached within the week with Mr. Slaughter as to the future program for acquisition of additional property- The property owners arc still holding to inflated asking pricee for their properties. The total estimated option prices would be approximately $250,000 for the Ber&nan-Omwby street properties, which is $35,000 above tbo maximum amount previously authorized for negotiation purposes. We have been unable to obtain sufficient options to Justify ah approach to Louisville Textiles Coupany, and a decision must be made whether to acquire options at the higher values or to approach Louisville Textiles without the strength of position which options on alternative property would afford. 3* Proposed Acquisition of Property on Elston Avenue in Chicago (4) - Negotiations by Durltee Division personnel with the Chicago & Northwestern Railroad relating to the availability of approximately 223,622 square feet of land adjacent to our Elston Avenue plant are In process. 4* Proposed Disposition of Hillside Property (3) - A contract has been awarded for dismantling and disposal of the buildings, machinery and equipment at the Food Division's abandoned hydrogen plant. The property has been listed with Houston, Settle & Co., as authorized by the Executive Committee on February 18, 1959* A firm offer of $50,000 was rejected as merely a feeler to determine whether wo intended to adhere to our listing price. It is felt that sufficient time has not yet elapsed to determine what may be the true market value of this property. ORGANIC CHEMICAL DIVISION 1- Proposed Sale of Lund to American Norit Coepany (7) - As authorized by the Exe cutive Committee on November 12,~i958> an agreement and deed have been submitted to American Norit's home office in Holland covering the Bole to it of a parcel of our unimproved land at Jacksonville for $8500, with the right in us to repurchase at the same price. We are awaiting receipt of the executed agreement. 2. Proposed. Construction of Tall Oil Acidulatlon Plant at Coo3a Pines, Alabama (2) Negotiations with the Coosa River Newsprint Company with respect to tire construc tion by our Company of an acidulatlon plant on the basis considered by the Executive Committee on February 12, 1959, &re not progressing as rapidly os we had anticipated. If a decision to proceed Is made, an agreement will be submitted to the Board of Directors or Executive Committee for approval. GLD010041 Feuding Matters Report 16 j 3 May 25, 1959 1. IVowooeCl Sale_ of,JijmUA J^3.aaagc^.is ;to^Cggjygj._Soya Coigpaay (h) - We ere still (waiting advice i'voni Central Soya ad to Vr'aat portion of our Xudiatiapolio property it vi.U. recvuiro r.o c. feed till], site. ITjhMcQ / L-X. r*-. R. . BOBBER (rvho figure in parcutheners :Ir number of consecutive snemths item has been pending.) OLD 0100 A?