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iy be . a . . : - a* ° _ re ( a Bi Meee tay 5 . joe ~ "New stockholders, including Mr. Johan M, Franklin, — 7. (United States Lines), Mr. Edmond J. Moran {Moran Tow- <8" > ae a ing & Transportation Company), Mr. Clyde E. Weed (Ana-%? <> 2 FRE conda Copper Co.), Mr. John L. Simpson (J. Henry Schroder./-° a oa Banking Corporation), Captain T. Reiber (Barber Of) fast es gE Corporation), and others (complete list attached), 0-2-0007 Ber acquired various amounts of stock, for which they sube 7 Ce scribed in cash, age re a OE 4 . ; Pet mae ews od "It was decided to acquire two T-2 tankers which ~ ovo aa were offered for sale by the Maritime Commission, How-:-°. -= . Pa ever, the directors of the corporation were cognizant ----5-.-- -> ot se of the Maritime rules concerning the net worth and working .. ee capital position of any corporation acquiring tankers, - — ere and it was then recognized that Pacific Tankers, Inc,,~ © . Bee even with the new capital subscriptions, did not qualify, -. as Soe ° ig "Therefore, it was decided to merge the Pacifie ... . . te: Tankers, Inc. company with Industrial Equipment Company, ....--- che & company owned by Mr. S. D. Bechtel, Mr. K. K. Bechtel, 9.290. tie | and Mr. John A. McCone. cee tee ae "After these transactions, Pacific Tankers, Inc. was. le - of sufficient substance to qualify for the acquisition of . i eae two tankers, having a net worth of about $2,850,000.00 cn Are a and working capital sufficient to meet the Statutory re-. ete quirements. So "There is attached a Proforma consolidated balance een sheet as of February 18, 1948, the Auditor's Report there- on being retained in my file, and also a list of the Cre cet ot stockholders of the corporation after the completion of oy a the above mentioned transaction. . Oo _ Rey : a ee ‘KG “Iwo ships were purchased, the MONTEBELLO HILLS and 1 ad the McKITTRICK HILLS. The transaction was covered DY nee ei. =... =. Contract McC-61065 between the United States Maritime . ee Commission and Pacific Tankers, Inc. The purchase price of a the vessels was as follows: Se ae omen < ‘a met t y a i 4 mye : me — etry 2 ee ee ee ore eter VESSEL _—~S«~FFICIAL NUMBER PURCHASE PRICE asian op MCKITIRICK HILLS = (MC Hull 1842) 247017 $1,707,792.23 ‘%3." .MONTEBELLO HILLS = (MC Hull 2838) 246851 $1,700,461.68 <7. 68 eras}