Document DzEZXe3x2rxObneppmJ1LdGn

FILE NAME Talc TALC DATE 1976 June 8 DOC TALC474 DOCUMENT DESCRIPTION Memo RE Western Talc Divestment IME Manville i M. Harris Internal Correspondence | 7 Date June 8 1976 From A. B Perrone Copies See Distributio Distributio Subject WESTERN TALC DIVESTMENT : Based on your decision of 6/7 and our discussion I have advised the following prospective buyers of our willingness to entertain a sale of the tale operations oe, Harrison ansd Crosfield Inc. - Newport Ca. industrial mineral distributors Beach Interpace Corp. -layward -layward Ca. Minerals Division , Marmac Resources - Los Angeles Ca. mining company and buyer of Coalingua Harris Trucking Co. ore hauler at Warm - Victorville Springs Ca. I outlined to them the conditions of sale following background terms and al M has disclosed and will provide in writing all the reasons for our decision to shut down the operations as of 6/25/76 i.c. all of the current and prospective health problems legislative engineering atc . N's liability for potential claims will only apply for service under our employ . a . a. Given acceptance of the above disclosures the buyer will enter into 1 short operating agreement with M to continue the business after 6/25 under his full res- ponsibility While N retains title of the assets the buyer would be given up to 90 days to exercise an option to buy all the assets from us while running the business in the meantime For the interim J would lease the facilitie ansd mining. rights to him for come nominal amount r The option price for all the fixed assets L. A. mill Dunn mining rights and equip ment is 1.3 million in cash CRMC eo, The prospective buyers have until 6/15 to Indicate me their interest to proceed on the above or Home comparable basis with a formal letter of intent to follow ft, Given our neceptance neceptance of the satisfactory buyer and proposal we would immediately proceed to draft and finalize the interim interim operating agree- ment and option contract be offective a ; of 6/25 Obviously there be be worked out and option but any deal at this are a number relating to the foregoing time | of details which would have the int^'rim operating agreement outlines the basic concept of , . oncontacted are evaluating these terms and The four prospects and will advise me or before 6/15 of their conditions their initial reactions I would say the position Based a deal in the time and under probabilities of completing conditions outlined are low We shall see what develops | CRMC 000212