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¥. . - ~o8 . ayhocss : : r me foe Ys. = ed . - . = Po Tete om ote 2 =e x (eS ssi ~ . oo. re rare — SET th eons oe ae Informtion concerning the “£980, 000. 00 ana €300,608°66" OS received by Victory from SSY on August 15,1 949 and June 21, 1950 «3 . . . has been set forth previously. BECKER was unable to recall why- egret Victory requested the sum of $150,000.00 that was received on July ade . 19, 1950. He advised that amounts of $750,000.00, $750,000.00 and 78 $100,000.00 received December 29, 1950, February 15, 1951 and - - * March 30, 1951, respectively, were for the purpose of increasing | Victory's cash balance to meet Maritime requiremen tse. BECKER advised that the $800,000.00 received from SSY on July 21, 1950 was for the purpose of enabling Victory to make a down paynent of $800,000.00 on its purchase of the stock of | :- Pacific Tankers, Inc. from USPC, Further information concerning this matter will be set forth subsequently in this report under —~ " Pa) + wert Kost 4 n fa ep the caption “Purchase of Pacific Tankers, Inc. stock from USPC .- : i by Victory Carriers, Ing" a . a cy oe, BECKER advised that the * 949 , 233.05 received > by J Victo ry ; on April 3, 1951 from SSY was for he purpose of reducing the - Victory March 31, 1951 balance of fi, 049,233.05 to $100,000,006. This was in accordance with Vicory's. police of reducing ‘the balance “oom . - 7 2 amber a: (er ey ee oe ee en Ores ee od ee Pe 4 ee ‘ iy =" of its account at SSY to a noninal figure. ee It is to be noted that Victory, as an individual ° ot i a corporate entity, hada sufficient credit balance at SSY to ~ ~~ warrant withdrawal of funds set forth in Schedule G, cp tae ghet BECKER advised that the $225,000.00 received by Victory ete} _e fron Pacific Tankers on January 11, 1951 was for the purpose of . aa increasing Victory's working capital. The $225,000.00 was debited eed -- to Cash and credited to Account Number 5) ~ Non-Current Payables we ed to Holding, Subsidiary, Affiliated and Associated Companies, This ae oe entry increased the Victory working capital by $225,000.00 since 7 a} , the current asset Cash was increased and the credit was to a non- read _ Surrent rather than a current liability. ae gt Ht ae. a By mete The Victory ‘records reflect that ‘the $1£0,000.00 cyonglved ae ‘trom Pacific Tankers on March 5, 1952 was in repayment of $150. 000.06 E oo Mavaricod by Victory to Pacific on February 19, 1952. %" oe 3 7 ~ - a se ety oe Pee dg Ee * eee ¢ Pigs on