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ate The Chairman stated that the pictures are all in black and white and INDIAN SUMMER and OUT OF THE PAST have already been shipped to England and will therefore be exempt from the ad valorem duty. The Chairman estimated that in the domestic field he could gross a minimum of $6,650,000 on these pictures and deducting 20% as a distribution fee ana-$700,000 for prints and advertising would leave $4,600,000. Mr. Kelly stated that we could probably realize $1,000,000 on ithe pictures in the foreign field. Mr. Kelly also stated that the Irving Trust Company would want the note of the comm my plus some specific collateral, guch as the Schenck Life Insurance and a commitment that we may not sell the real estate in Beverly Hills without their approval. The interest rate has not been discussed. There would probably be an over-all maturity date, which might be 18 to 24 months and, if periodic payments are required, he thought they could be arranged to coincide with the returns of the pictures so that the loan will not be a burden. Tho Chairman stated that INDIANSUMMER and OUT OF THE PAST are finished tut THE RETURN OF BADMAN and STATIONS WEST would not be delivered until after Jamuary. Mr. Schwartz moved that Manage) of the company be authorized to buy these pictures provided concurrently therewith they make _ arrangements for the loan. Mr. Dembow seconded the motion. The Chairman then stated that if his prognostications are wrong the ee will have an obligation that might be burdensome. He stated that he enue this to Mr. Johnson of Irving Trust Company and Mr. Johnson urged him to make the deal. He sulmitted the same idea to Messrs. Ardrey and Yousling and Mr. Ardrey stated that he considered the REO deal as merely a temporary measure. He was non-commital as to whether or not the corporation should make this deal tt he was more interested in the long range view-point. The Chairman then called off a list of pictures which have received little or no play-off or which have not yet been released
and indicated that the negative costs of these pictures would agagpgate $26,545,000.