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we wuld receive a 30% ownership in the picture and the terms would be changed to 2% for United States ani Canada and 3% for foreign. The picture cost $1,468,900 and the tank's loan ie $1,120,000, so that the amount of our invest ment would be approximstely $165,000. After discussion and upon motion duly made, seconded amd carried, it was resolvei that demagment be authorized to make this arrangement, provided that, as soon as the tank loan of $1,120,000 plus interest is paid off, we receive 3% of the excess and that ve have a 34
eqffty in the picture, the copyright and in all underlying rights.
4. HAL Sag sprog, Tes.
The Chairman stated that Hal Boach Studios, Inc. wishes to cancel the resaining Hal Roach Streamliners ond to substitute a feature instead. Upon motion duly mafle and secondai, the Chairman was anthorire! to work out
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this matter.
5. BMKING srouation
The Chairmm stated that in discussions with Security-First National Bamk concerning Hunt Stromberg, Mr. Yousling advised hiz that their bank was Convinced of ted Artists Corporation's solvency and its ability to go ahead. They realize .nat they have made some mistakes in taking on promoters buat they would be willisg to go along with anybody who is a real producer ami the fact that he had a United Artists Corporation release would not interfere. They | would prefer to have Bankers Trust Company as their partner tut if necessary would make arrangements with another bank.
6. JAMES RASSER PaoDCTIONS
The Chairmen stated that he received a proposal from James Nacser Productions for a picture to be made entitled THE INNOCERT AFFAIR, starring Pred Maciturrey and I4a Lupine, to be directed by Lay? Baron. The fifet money is to be provided by Benk of Awerica ani Mr. James Nasser will provide the
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