Document 3N8g40NZVzzXnkeE1rv1g7xED

Cleveland, Ohio November 23, 1959 Toi All Directors ma t t e r s o h w h ic h d ir e c t o r s a n d /o b e x e c u t iy k COMMITTEE ACTION HAS BSEN TAKEN AND ON WHICH OTHER ACTION IS PENDING PAINT DIVISION 1. sedolin fo Holmb3.aA, Ltd. (Denmark) (l6) -- Execution of the Technological Service acd~Trademrk Agreements approved by our Directors July 29# 1955, has been deferred pending further negotiations with Sadolln & Hblsfclad'e Mr, Khud Christensen during hie forthcoming visit to this country* Cm&CMS-nmmS-MEX&US DIVISION I. Scranton Plant (17) -- Hearings before Judge Bicks on the petition of the Trustee in Bankruptcy of Rimxmt-Mrplane & Marine Instruments, Inc. for approval of an arrangement whereby this property would be offered for sale at public auction, as authorized by our Executive Committee September 14, 1959# have resulted in the allowance of our claim, in effect, as a class of creditor subordinate in part to the general creditors, Immediate transfer of the property to our name, and imnediate payment to us of $4,000 deposited to the account of The Easton Lead Company. Our plans for offering the property for sale at public auction on or about December 15, as arranged with Samuel T. Freeman & Co., ore proceeding on essentially the same basis as had the sale been made with participation by the Trustee. Z. Traveacore Minerals Limited (India) (6) -- We are still awaiting receipt of executed copies of the five-year ilmenite requirements contract approved by our Directors Msy 26, 1959* FOOD DIVISION 1. Norwalk Plant (29) -- On February 18, 1959, the Executive Costoittee authorized this property to be listed with a real estate agent at its appraised value of $161,850, with the understanding we would consider offers from $153,600 up. No offers have been received to purchase the property at any price. We continue to rent 15,012 square feet of the plant on a short-tern basis at a ninthly rental of $573. 2. Proposed Acquisition of Property in Louisville (15) -- Negotiations for acquisition of additional laud In Louisville for expansion of the Food Division's vegetable oil refinery, as authorized by the Executive Committee October 13, 1959, are pro gressing as expected. 3* Proposed Acquisition of Property on Elston Avenue in Chicago (10) -- Negotiations by Durkae personnel for the purchase of approiiKitaly 200,000"square feet of land CLD0I0087 Pending Mattel Report November 23# 1959 adjacent to our Kloton Avenue plant are continuing. If anticipated negotiations with Material Service Corporation and 3be Chicago & Northwestern Railroad are successful, a definite proposal will he submitted to the Executive Camoittee. fled V Coconut. Products (5) -- Arrangements considered by the Directors on June 23, 1959# whereby the Food Division hopes to be permitted to purchase up to 2,000,000 pounds of its requirements of flalce and other coconut cuts from a source other than Red V, have been discussed by Mr. Slaughter with General Foods. When a mutually satisfactory arrangement is negotiated with General Foods, it vrill be submitted to Red V, who have previously indicated their receptiveness to the type of an-engeiuent Mi'. Slaughter has in mind. RDK:McG (The figure in parentheses is number of consecutive months item lias been pending) 0L00X0088