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4. BANKING SITUATION
The Chairman referred to the banking situation and the fact that certain West Coast banks were refusing to lend money to United Artists’ producers and the producers were calling meetings among themselves and with our owners, making certain representations as to what the banks wanted. He stated that when he arrived in California, he immediately got in touch with RED and iocoked at about eight pietares: wht e he was there, the Trade Press had pudlished some derogatory headlines, such as a statement to the effect that the REO buy was s@en as a strategy to force release of producers’ product and the fact that producers resent the RKO ty. The Chairman stated that he saw Tommy Deane and Bernard Giannini of Bank of America and explained to them that we wished to cooperate in every way possible and if they wanted a monthly Balance Sheet or their money trusteed we were ready to give it to thes, mt if we trusteed their funds, we would have to go from a billings basis to a cash collections basis and they stated they did not think they wanted that as our present method was satisfactory. With respect to Management, the Chairman stated that it was entitled to prove whether it was good or bad instead of their making up their minds in advance. They assured him they would contime to loan money to our producers and their attitude was directly opposite to what the Chairmen had heard. They were most cooperative. ‘They expressed an interest in the loan for the RKO purchase. He told them that Wentworth Johnson had expressed an interest in the loan and he did not want to simt him out. They said that they understood an¢ wre eased agreeable.
The Chairman stated that he then saw George Yousling of Security-First National Bank and covered the same ground as he had covered with Bank of america. ir. Yousling told him that it was no iager necessary for United Artists Corporation to sign a paper for Nero Filus, Inc. to the effect that they are under no obligation to deliver the picture to United Artists Corporation and