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_ rc ie ty Age - wee oe eee meee « . . (® o* ie , ie . IP 87-22720$ “ee wm. : ° ~ ~e Pp = A notice of default was mailed to Air Cargo Gemanding ~~ immediate payment or repossession of the plane, and on October 11, 1976, a Telex message was received from Seven Oak Finance Limited, Ngland, to the NBC, Memphis, which reads as follows: “With regards to Elvis Presley Air Cargo Express transactions, by the 7 fequest of Mr. Frederick Pro, Seven Oak Finance, Ltd., has bank JS confirmation that Air Cargo Express bas an account in excess of $500,000 U.S. dollars. Regards, (signed) A.C. Scott-Browns, Seven Oak Finance, Ltd.” Altbough this wire was received and considered, no payments were received from ACE and finally, one of PRESLEY's pilots went to Miami and reclaimed the airplane. Upon its return to Memphis, the log book was reviewed and revealed that mone of the funds in excess of quarter of a million dollars which had been paid out up-grading and modifying the plane to qualify it for 121 Maintenance had been applied to the plane. D. BEECHER SMITH, Attorney for ELVIS PRESLEY, had various conversations with PRO. As of July 18, 1976, PRO told SMITE that he had received the funds for the up~-grading of the plane but that there was ‘a purchase Gelay for the equipment and there was also a delay in the FAA procedures. SHITH had is bis possession a copy of an article from the “Wall Street Journal" dated October 19, 1976. This newspaper reports the financial sews of the country. _ The article, entitled "Uncollectible Grafts On Best Indian Bank Flood U.8. And Totel Millions of Dollars," sotes that the securities which are cashiers checks and Certificates of Deposit (CD), were iasued by the Mercantile Bank and Trust y which was formed two years ago in Kingston on the islaad of . Viacent dn the British West Iadies. This article further aotes that the bank, which sever grew beyond a one room office, appareatly 4s closed and its founder and a few other men are the ts of a spreading investigation by the U.8. Department of Justice. - — According to PRESLEY’s attorney, he called Air Cargo to ask PRO for the keys to the plane in October, 10976. P20 clained that be-tas getting a commitment that date and would be in touch and subsequently on October 4, called and told PRESLEY * @bhat be had $200,000 coming in from overseas in Certificates of Deposit and that only one more test flight was required and + the plane would be qualified within ten days. Shortly after this is when PRESLEY's bank received a Telex message Clainiag Air Cargo Express bad an account of $500,000 with the Beven . Oak Finance Company, Ltd. oo (27 . ene a tS ye