◆ SpookStack

i i ie | ia ak ee : ee a eee ser bed see at Vabekadee gh Pek § ay! = a . te . tee cm ca re ee a ae nag ee cag ae ah “=e ay : LI NY 6+2507 of 1950 that the time was propitious for the American Republics>Corporation to act solely in theall producing busi- ness and to eliminate from its holdings all non-oil producing subsidiaries. RIEBER stated that he presented this matter force- fully to the Board of Directors of the American Republics Corporation at a Board of Directors meeting which occurred on November 28, 1950. A review of the minutes of the Yoard of Directors for the meeting held November 28, 1950 (page 2334) reflected that the Board of Directors had authorized the sale of the SS FEDERAL and the REPUBLIC to a non-affiliated company. RIEBER stated that the above mentioned resolution of the Board of Lirectors was passed because for a number of months prior to ths meting, he, RIEBER, had been negotiating with ONASSIS for the sale of the two tankers, RIEBER advised that the sale of these two tankers had first been introduced by ONASSIS at the time the Barber 011 Corporation launched a new ship at guincy, _Massachusetts, through one of its affiliates, the Trinidad Petroleum Corporation. RIEBER was unable to supply the date of this initial contact by ONASSIS but he estimated that it was a little over two months prior to the actual sale date. RIEBER stated that he had been acquainted with ONASSIS for a number of years as a result of shipping industry contracts. RIEBER said that he knew ONASSIS to be a Greek National who had repeatedly demonstrated his willing-. ness to invest large sums of monsy in the purchase of ships, RIEBER advised that the firm offer. to sell, and . agreement to buy as well as all other negotiations in this sale had been conducted solely by ONASSIS and himself. RIEBER sail that during the negotiations, ONASSIS identified aimself merely as acting for associated interests. RIBBER stated that from his general knowledge -_ .