Document Lo5No86bLeMnR7MB7nK80kJLq

Cleveland, Ohio June 22, 1959 To: All Directors MATTERS ON WHICH DIRECTORS AND/OR EXECUTIVE COMMUTES ACTION HAS BEEN TAKEN AND ON WHICH OTHER ACTION IS PENDING FAINT DIVISION 1. Sadolln & Hplrfolad, Ltd, (ll) - We are still awaiting receipt of executed copies of the Tec^noIogicol Service and Trademark Agreements approved by our Directors July 29, 1959* No reply has been received to our May 14 and June 4 follow-up letters. 2. General Paint Corporation of Canada (ll) - The status of this matter remains unchanged' Discussions with Mr. Ayres, General's principal stockholder, have been deferred until such time as be is Bible to represent a controlling interest of this corporation in his negotiations. 3- Finslea Fare och Fernlssfabrjia (21) - We are still awaiting receipt of executed copies of the Industrial Paint License Agreement epproved by our Directors September 24, 1957. No reply has been received to our February 2, April 1, May 15 and June 4 follow-up letters. 4. Scarfe 8> Co., Ltd. (3) - Investigations by Mr. Dorfmeyer directed toward the possible acquisition of the stock of this Canadian paint manufacturer by The GlidcT.cn Company, Limited are continuing. According to Mr. Duncan, prospects do not appear favorable, however, for successful contract negotiations. 5* Brandram-Bendersoa Holdings, Ltd, (l) - Investigations by Mr. Dorfmeyer directed toward the possible acquisition of the stock of this Canadian paint manufacturer by The Gliddan Conpany, Limited are continuing. According to Mr. Duncan, however, prospects do not appear favorable for successful contract negotiations. CJMlICALS-FIClgNTO-blETAia DIVISION 1. Scranton Plant (12) - A proposal to the Trustee in Bankruptcy of Dumont-Aixplane & M"arine"'lnstruments, Inc., whereby we hope to reacquire the property covered by our mortgage at a price cceresonurate with its fair market value and establish a claim as a general creditor for the balance of indebtedness due us, is being con sidered by the Trustee's attorneys. 2. Trayancors Minerals Limited (India) (l) - We are awaiting receipt of an executed copy of the five-year ilswmite requirements contract approved by our Directors May 26, 1959. GLD 010070 N 2246 ifi47 Pending Matters Report 2 June 22, 1959 POOD DIVISION 1. Proposed Sale of KQrwalk Plant (24) - TMb property bos been listed with CraginLang-Free & Co.," as snt&orized by the Executive Committee on February 18, 1959# and was advertised. in the May issue of the "Industrial Property Guide" published by the Society of Industrial Realtors. There were no responses to this advertise ment. Our broilers now plan to contact the food processing industry by moans of individual brochures. If no prospects are developed by the latter part of July, the Executive Committee wi3J. be asked to determine whether we should reduce our asking price of $185,000 in an attempt to dispose of the properly as soon as possible. 2. Proposed Acquisition of Property in Louisville (10) - Due to inflated asking prices for property in the Be^nan-Ormsby Streets area, the program authorized by the Executive Committee on Noverriber 7, 1958# to secure options on various property, has been indefinitely postponed. We have therefore reopened negotia tions with the Louisville Textiles Company in an effort to purchase approximately 120,000 square feet of its properly immediately adjoining our Louisville plant. While some progress has been made, further negotiations will be necessary before a definite proposal can be prepared. 3* Proposed Acquisition of Property on Elston Avenue in Chicago (5) - Negotiations by IMrlcee Division personnel with the Chicago & Northwestern Railroad relating to the acquisition of approjdmataly 223,622 square feet of land adjacent to our Elston Avenue plant are continuing. 4. Proposed Disposition of Hillside Property (4) - An offer of $63,000 for the remaining land occupied by tbe*^odI)ivis ion *s Abandoned hydrogen plant was approved by the Executive Committee on June 15# 1959# subject to execution of a formal purchase agreement now being prepared. ORGANIC CHEMICAL DIVISION 1. Proposed Sale of Land to AmerlcenJNorlt Company (8) - Revisions requested by Arnericau llorit's^horae^offlee In Holland in the .documents covering the sale of a small parcel of our unimproved land at Jacksonville, as authorized by the Executive Consnittee on November 12, 3-958, haw been made and it is ejected the transaction will be completed sometime in August. 2. Proposed Construction of Tall Oil Acidulatlon Pleat at Coosa Pines, Alabama (3) * Negotiations with the Coosa River Newsprint Company with respect to the construc tion by our Coripawy of an acidulatlon plant on the basis considered by the Executive Committee on February 12, 1959, are continuing. CENTRAL SOYA COMPANY 1. Proposed Sale of Land at Indianapolis to Central Soya Company (5) "We are still GLD010071 Pending tHatters Report -3- June 22, 1959 fwn5.tJ.pg adv3.ce from Central Soya as to what portion of our Indlaunpolie property it win. require as a feed mill alto. R. 3). HOMER Rm-.McG (The figure 3n parentheses is number of consecutive months item has been pending) GLD010072