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Mr. Grant referred to the proposed geven picture teal with RKO and stated. that he could seoure 100% finance for these pictures from private non
Dank sources on # 64 interest basis, provided United Artists Corporation will
defer some part of ite distritation fee. Mr. Chalif said that he conld probably set a loan on a similar basis. The Chairmn spoke of the fact that Wentworth Johnson of Irving Trust Company wonld be interested in making a loan on finished pictures and that it nicht be possible to cét a $500,900 loan from Deluxe Labdoratori-s, Inc. provided the deirpeaiiien would agree to purchase all prints
from the Laberatory and verhans pay an increased price. Mr. Grant stated further , that he could get the emtire $7,900,000 at one tine, in which event 8% tould have to be paid Yrom the leiding date, or alternatively, $1,900,000 dom and $6,000,000 deferred, in which event interest would be payable only on the amounts loaned from time to time. The Chairman pointed ont ‘eit te pictures are ready now and the other five will be ready in Jamary and he selected these pictures because of their cost.
14. agwoxp hn ona :
a the request of Mr. Grant, it was agreed that the minutes of the last meeting be ssaieiilaail by eliminatine therefrom the statenent about the reason for his resignation.
Mr. Grent én submitted his resignation as a director of the corper. ation mt it was not acted upon. | 15. EKO Protos :
Uron motion duly made and seconded, it was resolved that a provisional . committee shall ‘ve appointed, consisting of Messrs. Schwartz and Chalif to fnnction for a period of 60 davs, with whom Management can consult to make de cisions that require immediate action for acquisition of pictures or financing. thereof. Te-said committee there is delegate? the full power and authority to adopt any resolution in comnection with the aforementioned natters, provided |
that both said committee members are in agreement and further provided that the