Document nBBe63N57Jbz193ORxB7O7X2

ctry Clevelood, Ohio UAt( Mmxih Z'j, 1999 F0R All Director* subj ec t Matter* uu which Directors uud/or &x*cufclv* Couulttee Action UiS UsSO token Und Ul witlUi uUsbl AcUnu la pending ANSWERIN') LETTER OF PAUri? pJVidlOfl 1 badolin U Hulidblail. LCl. (tl) - w are still awaiting receipt of executed copies of tbu 'A.cliuolo.iic&l Service pad 'irudsmurU Agreements approved by our Directors July *xj, 1>^3. Mr. Amtlocn, President, advised Mr. Dupont oa March 7 that we would hoar frost him as soon os he had had an opportunity to discuss the Matter with Mx*. tuuw Pons, who visited un the latter part of February. 2. Paint Corporaelect of Cuauda (0) * The status of this matter remains unchau^ad. Discussions with Mr. Ayres, Ounoxul's principal stockholder, have been deferred until such that on bn 1* able W ruprenent a controlling interest of this cotV^aUiXi in hit) Uo^tiutlotui. 3* Pelican Kuko Kaisha, Ltd. ( () - He proposed Technological Service and Tru&ioau-k l v PaVvw U by l a*t Li.twUji'u Au^^it ISG, 19>3 wore disendowd with representa tive of Inblhura cm-lluv tUio :-ou.th. ilmy tuv n\voeW4 to return to Cleveland next wctJtj at Which tiwu negotiations will continue. 4- Aw D&* 4^) * Uu arc still awaiting receipt of executed copies of tiia Tadus trial Paint License Agreement approved by our Directors fleptotibor 24, I957. Do reply has Wen received to a follow-up letter written by Mr. Dupont oa February 2, 1OjJ. 5- Douwlas jhM-n^ Company of Vancouver (4) - Messrs. Duncan end Dorfasyer have had preliminary negotiations with Douglas* Mr. Ottout for the acquisition of the stock or am>vU of Udu co;yorution, uo uathoriuod by Uw Directors flovtuber 25, ly>i, Hcgotiutiauo will continue no 9000 as certain of Douglas' operations have been reviewed and personal inspections have been wads of the plant and property. 4* DcuilV & Co 1 Ltd -- iiivwotiyutionu by Hi'. borfucyor directed toward tlwi possible oc^ iicltion S3TtG stock of thin Canadian paint muofacturer by Tbs (Hidden Company, Liu.1 ted are continuing. CU^ICAld -PlOM-IflU-MtfjjiALa DiVISlOH .*<&* (y) - At u lusctliig with attorneys fox* tha Trustee in Bankruptcy of Duioont-Airplane A Marluo InstruoenU, loo. It was disclosed that although U*r Is probably a good chance that Duumt svy still survive and ultimately even pay off its creditors in full, it can expect to operate in the foresoeshle future oa no store tMn a break-even basis. In all probability, therefore, no funds will be available to pay off creditors such os ourxtolvos. Me ore Utcrofore proceodind to uabult a proposal to Uw TrusWo, fur approval by the court, which will pannit us to secure title to the property covered by our nosrl&me at a price eouueusurate with Its fair Market value and esLablleh a dal* an a gensml creditor for the balance of ti* due us. GLD009953 Pendirts Matters Report -2- Hareh 25, 1959 FOOD PXVIflIOH l> PropomKI 8ml* of florwalfc Plant (21) - negotiations with prospective purchasers previously reported have not mterlalixcd. Wo are awaiting a proposal from Crogtn-T.nng-Froe & Co. relating to brokerage services before Hating tha proparty with tills firm. Meanwhile, 3000 square feat have baan leased to fanny Farmer Candy BJwpo for storu,'!e putpoefti on a throe months' lamination basis at $150 par month. 2 Praixxtefl Acquisition of Properly In Louisville (7) - It now appears that tha program authorized by the Executive 6omltta bn Woveriber 7# 1953# to aaoire option* on wrio'n properties in the JVnTWi-Omtfby fltrccto area, vill not be eortpletad for &t front another thirty dnyn. 3- Propped Acquisition of ryoperi-y on Elston Avenue la ChlcaTO (a) - ttr. J\>llard la in t'x* proobr.e of eoryjlrbia" his inve*i.g*ti.nn a to wfctker It la absolutely rnnontial tint w acquire additional proparty la this area at tha present tlma. TV Jb also Inraatilting tha acquisition of property other than that owned by tha Uui.vw h-.rP^f Co-yvvv,- ry'noJn'rg th* Hood. Division** logon JVrAevarA rofirwpy. Proiynod, Imposition of MilHide rppyrfty (l) - Bids hava bam aolleltad for dis mantling and disposal oftKT fruilSings# machinery and equipment at tha food Division's abandoned hydroryn r^nnt. Tvxi property will bo Hated with a real estate broker next wok. aa authorized by the; Preentire Committea on February 10, 1959' A firm offer of $6?,000 wan received firm Pnglehard Industries, Ine., but vns irlthdmvn the following day due t/> an errn^eney rtewAojrwmt which my require rbglehord to move from the Hillside area. o bo ak ic c k t k ic al d iv is io n 1- Propoead 6ia of Land to /werlcqa Hor^t Company (5) - A# authorised by tha Executive Co*?>l ttoe on Jloveuber 12, ) ?'/'', art agreement and deed hrvvo been eubmltted to American Horit covering the Bile to it of n parcel of o17 on loomed land at iTachaonville for ^300, with the right in ua to repurchase at the same price. Execution of the agree ment. i expected shortly. Eaasata&tsMgS3aa^lJBBH^ - * agreement has boon prepared wid aubnltted to tha Cooaa River Newsprint Cbqpaay provid- h\j; for their confidential treatment of our dirl'>r>re& ns to our processed# techniques and. fcnmr-bov for the ' 'p*ration rtf an noidilation plant. This ngreanent in prellairuwy t/> a bemi nation by our Company of the desirability of 0on* trueting ouch a plant on property owned by Coosa on the basis considered by the Executive Caonlttee oa February 1?? 1959* H * doc in J on to pro<?cM ie rode, an ngroonent will bo auheilttod to the JVxnnl of Directors or Executive Comittec for approval. ESAiKm ^Artmnr I' I'^igQ^^d.Acguloltlon t>f Property for Central Itosaapch Laboratory (3) - Options hava now CLncumt^ X % fcrvltnc Matter* Report 3- March J3, 1959 been ot>to\ne<T on the enM.rc 30'^r-'vr' trant fronting on the Ohio *Nr*w*,ha <n Broadview Heights no n rite for n. Central ^vv-arr-h laboratory. W* haw *tii Jim* 1 to exercise such options. Mamivhl.le, necessary resoaing and engineering dsteimlnafctoun nro being made and alternative sites are bolng Investigated. CCTTnAL HOXA COJiTATTY 1. vi11 require as a feed mill cite. (2) - We arc Btl.ll idtwvjpolle property it P.!TR;Mrh R. T>. WRtTCR (The in poifntV<* is rrrnhcr of consecutive month* lten has been pending.) GL.D0099i>5