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oa wl qe RK +k Y ra Cc) +t te a ‘ghter ver ee: fo” ‘ we gh at. . AL a et eat emtnnined anee de apart a et Sma tee ne me NY 46-2507 es “aa baa ie, on the Secony. Vacuum bareboat charters, we now haben i 3 a Fate of two dollars - the Charter Party will be will be writte a ‘between Petroleum Carriers of Panama and Socony Vacuum O11: ‘Company. nae 0: Awerdeliara will be paid to fetroieum Carriers or Fapana. ; : game vessel will be bareboat chartered by United States eee os Carriers, Inc., for twelve years to Petroleum Carriers of Panama pfe: xe: at one dollar. Therefore, one dollar revenue ,comes into, . ie United States on which we pay taxes. Taxes on the dollar less af: . expenses. nae fs ee pee ie a athe, tas, en D. "All this, of course, 18 subject to “approval ¢ of the we . Maritime Commission to whom we have made application." f mo OT NES aed sas “4 "Prom the above, it appears that 4t may have been the > - original intention of USPC on February 11, 1948 to organize Petroleum Carriers of Panama (PETCAP) for tax purposes. However, the USPC minutes reflect that PETCAP was sold to Sociedad Maritima — Miraflores Ltd. (Miraflores) on May 10, 1948 for $2,600.00, and, as will be shown subsequently, entered into charter agreements with Miraflores whereby most of the USPC estimated profit of $7,341,767.00 for the year ended December 3, 1988 spparently was diverted to Miraflores. Ce Rm eee om As set forth in his signed statement, seat shaa'st the following rough draft typed copy of a letter July 12, 1948, from H, 0. BECKER to R. L. BERENSON: "July 12, 1946 . "Mr. R. L. BERENSON nw ig on ees * "Dear Bob: i "Mr. COKKINIS & myself have gone over the enclosed I __- statements which I am giving you a detailed explanation of as i follows: a “Exhibit #1 - U. S. Petroleum Carriers Inc. “This statement shows $72,192.47 loss before depreciation aod ee 964.62 Joss after depreciation. ar Pa] a 4 Haas | Eau a 3" i.- Detail of Overhead Expenses as shown on Exhibit 4 1 fy “s ‘ie # t I i i] a | | 4 ewe ey