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delivered to us under this contract, namely, HOLD AUTOM IN YOUR amD. Devrid Loew wants to sever his commections with Producing Artists, Inc. and make a contract with us for a minimm of one and a saximm of two pictures with a starting date om the first picture toward the end of this year. Mr. Ager moved that we grant to David Loew a distribution contract providing for = minim of ome and a maximus of two pictures per year for a period of two years at 75-25 standard terms. Mr. Dennant seconded the motion and it wes carried umaciscously. * “
Arthur Lyons is one of the principal omers of Producing Artists, Inc. Mr. lyces Claims he has $600,000 of end money and he wants to make pictures. Messrs. Raftery and Bagnall do not believe that he can get any raw stock. This satter was tabdled for a later meeting.
LESTE COMMS FRODUCTIONS, INC.
Has completed its commitment in that G.1.J0B is practically ready
for delivery. Ho action was taken. e232 SEES
Mr. Bagnall explained that Mr. Stromberg is selling all his stock in GEST IS THEE HOUSE, INC. which owns the motion picture "QUEST IN THE HOUSE" to three corporations. Yor the stock which cost him $15,000 he receives $415,000, namely $115,000 im cash and $300,000 in notes. In the event a gross of $2,225,000 world-wide is not reached, Mr. Stromberg must make certain rebates to the buyers. However, irrespective of world gross and the agreement to rebates, Mr. Stromberg would be left with a profit of not lese than $50,000. Te have a 20% interest in the profits of the first five Stromberg pictures, of which this is ome and therefore Mr. Stromberg requests that we consent to this arrangement. Mr. Lowell Calvert, who is Mr. Stromberg's representativs, wuld irrevocebly continue as representative of this picture. Mr. Agnew moved that
we execute the necessary approvals provided the United Artists Corporation's