Document 15qqD7rpOpjXp6XypLZZy0kkq

FILE NAME Cape Asbestos CAPE DATE 1976 Feb 25 DOC CAPE145 DOCUMENT DESCRIPTION Letter Re NAAC ability to secure loans indicating that large dividends withdrawn by Cape hamper operations Legal - Tibbs Case Exhibit 43 ELECTRONICALLY ELCTRONIALY FILED - 2023 February 25 1976 Oct 18 12:13 Mr. M. E. Meyer Lord Bissell & Brook PM - 135 South LaSalle Street Chicago Illinois RICHLAND Dear Max - Per our conversation in your office today we are enclosing copies of the entire file pertinent to loan procedures from Cape COM ON If I interpret this correctly we are not entitled to borrow one dollar without their approval which would severely limit NAAC's management flexibility to extend credit to customers maintain warehouse stocks and make prompt monthly payments to CASAP PLEAS - We understand the necessity for some restrictions on borrowing and would request a line of up to 400,000 without restrictions Considering increased pricing some 1975 payments to CASAP have been in excess of half million dollars per month 203CP41759 Could we suggest that coples of your memo be sent to Messrs Gaze and Higham Would it be advisable to mention the fact that if substantial dividends were not withdrawn each year we would perhaps have sufficient operating capital to alleviate loans Sincerely CGMorgan encl CAPE001507