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he asked that we forget the whole matter. On the Monday following, George Bagnall, Arthur Kelly an® the Chairman saw Chet Rude and George Yousling and again everything was agreeable to the Security-First National Bank and they reached the point of EPecheciag certain loans that had not yet been made. The Chairman explained to them the pusstian taken by Alex Ardrey of Bankers Trust Company and shat ur. Ardrey had proposed for the company and he informed then that he concurred in it wholeheartedly but he was not in a position to bring it, about as he merely represented Management and had to do what he could with the materials he had tut that the company was short of cash and, although he endorsed Mr. Ardrey's proposition, he was unable to do anything about it.
The Chairman stated that he then discussed the situation with Pacific Finance Loans who have about $4,000,000 in loans to our producers, of which there is nearly $1,000.000 on the Howard Hawks picture, RED RIVER, which ranks pari passu with another loan after $1,000,000. They gave him a list of their loans and he told them we wuld do all in our power to get them paid off. The Chairman stated that there were no commitments made on either side although he gave them a picture of our backlog and they knew how conservative it was when they saw the anounte for some of the pictures on which they have loans. With respect to RED RIVER, they asked if we would give up our distri tution contract if they could sell the picture to someone else and the Chairman told them it
——-wouldrepresent $4,000,000 of gross and $2,000,000 in distritmtion fees and he
certainly was not going to sacrifice our share in order to let them realize on “
their loan. q
The Chairman stated that after he hadi gotten together with these first and second money sources, he then went to see David Loew after Mr. Kelly had set up am appointment with Miss Pickford and Mr. Chaplin. Mr. Loew stated that this appointment was not necessary as he had heard from the banks and they had turned about completely and he realized that the Chairmen had accomplished what
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