Document q3Q3LKj6DMZOnyRvqrVDdYL6x

FILE NAME: Talc (TALC) DATE: 1976 June 8 DOC#: TALC474 DOCUMENT DESCRIPTION: Memo RE Western Talc Divestment .Joiin^-Mnnvilln 0^1. O oTI ^iSpO ncl0H C0 |(1 M .' Harris r.nill A , J5, l'c r r o n c Ci'ij'f-r.: ? e e D1 s t r i 1)u Li o if Subject- V/K-.STHRU TA1.C 1) TVIISTM KMT Unsod on y o u r doc i s ion of. 6/7 and our d i s c u s s i o n , I have a d v i s e d tile, f o l l o w i n u p r o s p e c t i v e b u y e r s o f o u r w i l l i n g n e s s . ' . Co' e n t e r t a i n n s a l e o f t h e t a l c o .p e r.iit i o n s : , 1. Ila r r I s o tis ' a nd C r o s f i e l d , I n c . - N e w p o r t b e a c h , Ca. ( i n d u s t r i a l m i n e r a l d i s t r i b u t o r s ) . 2. I n t e r ] ? a c c C n r p . - l l n y w a r d , Cn . ( M i n e r a l s Di v 1 s i on ) 3 , M.i ruin o R e s o u r c e s - L o s A n p c l e s , Cn . . ( m i n i np. c o m p a n y a n d b u y e r o f C o a l i n f , u a ) . 4, H a r r i s True, k i n p C" . - V i c t o r v i l l e , Ca. ( o r e h a u l e r a t War m S p r i n p . s ) ' . T o u t l i n e d t o thorn t h e f o l . l o w i n p bn a k g r o u n d , t e r m s and conditions of s n h : . ' . . " . . , ` ' - a. J.-H lias d i s c l o s e d ami w i l l p r o v i d e In ' w rit in p all. the reasons for our d e c is io n . t o s h u t down t h e o p e r a t i o n s as of 6 / 2 5 / 7 6 , : i . c ., a l l of the c u rr e n l and p r o s p e c t i v e . . heal, th p r o b l e m s , l e p i s l a L ' i v e , e n p i n c c r i n c , .'etc.. b . ,T-M ' s l i a b i l i t y f o r p o t e n t i a l c l a i m s wl 11 only apply for se rv ic e under our employ. ' ' ' ' c . f! 1v e n a c c e p t a n c e o f t h e a b o v e d i s c l o s u r e s , t h e tin ve r wi 1 1 e n t e r i n t o a s ho r t - Le l'lit . i iif, art r e e m e n t w i l l i .T-M t o ' e o n t. i n u o t h e b u s i n e s s a f t e r G/25 u n d e r h i s Tull, r o s y P'ons i b i .1. i Ly . W h i l e J - H r e t a i n s t i t l e o f t h e a s s e t s , the buyer would be p.ivcn up to 0 days to e x e r c i s e an o p t i o n to buy a l l the a s s e t s from us w h il e riinniiu: the b u s i n e s s in the meantime. For the i n t e r i m , J-M w o u l d l e a s e t h e ra c.i t-i t i n s ' n ml mi n i n p , .' 1 r i p l i t s t o him f o r some n o m i n a l a m o u n t . ' d. The o p t i o n p r i c e f o r a l l t he f i x e d a s s e t s . ( n . A. m i l l , D u n n , n ' i n l n f t V i f i l l t B Sllul Of] Ui p -. pent) i s ' $1.3 million in cash. CRMC-HT-TALC-000211 Thr p r o s p e c t i v e b u y e r s hd ve tni t 11 t l / 1 3 t o i n d i c a t e bo'mo t l i o l r .intc.r.ctft t o p r o c e e d (Vrt t h e ri bevo o r nome c o m p a r a b l e b a s i n w i t h a f o r ina ] l e t t e r o f I n t e n t t " f o D o w , f i l voi V o u r . nc c e pu. nn. e e o f 1be^ r. a t i s f n c m r y b u y e r n n d n r o p o R . i l , Wo w o u l d i m m e d i a t e l y procOOt . t o d r i f t 1 ml. f i n 1 1 l ?. c t h e i n t e r i m o p e r n t i n n n&r oc me nt n u t o p t i o n c o n t r a c t t o Ti e e f f e c t i v e a:, nf b/ 25, . O b v i o u s l y , t h e r e are a number of d e t a i l s whi c h would have . t o be w o r k e d o u t r e i n t i ne , t o t h e i n t e r i m n p o r a 1 1 n r. n pr ooffie n t n n ti o p t ! o n , b u t t h e - f o r e p o l n p on t 3 i n e s- _t lie h a s 1 c c on c o p t or any de a 1 n t this time. ' . The f e u r p r o s p o r t s c o n t a c t e d a r e v a l u t ins; t h e s e -.ei n.-. and r o n d i t i o ns and w i l l a d v i s e me o n ' o r b e f o r e 6 / 1 5 o f L h o t r p o s i t i o n - . Based on t h e i r 1n i t i a 1 r e a c t i o n s . T woul d m> the p r o 1) a b i. 1 i t i e s o ff c o m p l e t ! n r, r o n d ! t i e n : o'it 1 1 i o e<! low d e a l i n t he t i me and under t he We s h a l l s e e wha t de,v e . l . o ps . . CRMC-HT-TALC-000212