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FEDERAL BUREAU OF INVESTIGATION
ARISTOTLE ONASSIS
PART 3 OF 4
BUFILE: 46-17783
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. K =Janes It llcinemey, Lesietant Attorney General, ,0 Jlm;lJK:pda . ,,.," """~ " ~', '.1.*.!t._0,.1.'»=92,=s1.92!1=1-_-._j_""'
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Or!.|:.na1D1visicn ' " '" ; _- 4 " -.
th erican Sh1ppS.ng_lgd'1r;_ed1nL ulnc-5 et!1 146-20-596
-"-§l :;"-*5"1.t-"*"t"":7."'4H ' ibtereficed iswherehf ¢e"e1=re=+.1 report 5:
"l 'd8UQ§ I8 10 19 It BI York, 1'01!-1|i'lO $9 Ue_3_e PtlillllInc. Tger epartment Item lumber S7, beginning at page 115 of t V Sreport, it e are t e euhsidierypt0. 0- Pe¢~1em=?= 1=w = rs ummm.:mm§ 11'],-es
mmk $ 9!L'a3..3'a°}'*'¬1'='1 1*? 11Mn<=1g!.'$**==.e_1:}:,._1 r n 1< for "2750 ooo,;_S'é?iIau"1 8 A '92 h demos t o a c ec ,,_,.,,,,_____,__ _ ,_¬is>§.s==..s=Ii',.5.E_.sr_~f-'1,,;;_l_,3§. Z§Jh,k'EiuM §nfI§°JQm 1 W _
d ,;,;' :0 _-12.0-.3-;:»e;>_,- - . . " - 0..." _ ,:_'¬*-.{-4?- $"'*-'13
S " _In_asmuch _ss the use 0I_the_ ;;1:::~,e_;-§=01-h=£.£1e§=2@Li1 *'5-@- -§E§.ril&_Z1¥?§TE¢§§#i5*'¬,"iE?§3~R2%4$§§3;e.2E5.9I¢ 3 T '
instenges, 11; 1; rgmstwJ §§g&m bethe reaacte as outline belowh __I -@_ ,. , _~ l ,;__;;_;~
~ 1. Is: the $750,000. deposit included 1n the cash 1:111:90 m_'_t;;._z'.-f-':,:£.;-J ;.,_ A
at $1,424,360.31 as of December 31,1950, or was credited to _
nisceiieneous and accrued iccoonti receivable? 1. 11. was the 1i$5ir ;'§;T.
and since the looms of $700,000. or up $750,000 m mm, anA:-ions indebted to Victory Carriers and met was the nature of :s_,I,, 7.fj_J; indebtedness? In this connection, please obtain e copy of 1ri.¢ns's ";§=,f:_'»';:i_,,_..1
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--I.Anemrsiadnn to Simpson, Spence and Iomg, which 10 mentioned ma p. 1191l; ,{:?-
oi the report. Did Simpson, Spence and Iomg lake up the ba1snce'ef
$50,00o?'__Ine this e loan or was Simpson, Spence and Iomg1» w=+~=-rr 0 0» ~ ,_ ._-., -... ._.. __-_, , . . - _.., , ___ _- . ..1. Q . .._ .. __.,_ .. -
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__ ' _$:;&~r-fl-' r ,3J_;,»"_ . . _ -_: _- ' 92 _ "N '. " .'9 -- . . ~ 1 ---"._:.*- - - * _-1.-...2_'.-.---1.9: 1»--.;* :»-K ..:P..=.*.'..;'-¥.~....1..~.'.-»*1..--~. ; _ , __ _ _ _ _ __ _ »A_ _ -4 , _.-_ . .,. 1 -.;~-._.-. 3, w-1: -9--'.-I. -_-I -..p..-n ---.-. ¢|--<»I_-~w-r'"---
- - "- *1-9» -- =4-.-:1 1:11-".*-ewe."-'*"';;"'." ' "1P - ~' s. 'u;..=..-......-.;. 1-<.¢o-ms dated 11.}zs';' 1949;"11......-,.f'.i~;..f»9.:.§.'@:»-
be . ==~-1=r= w~*.====<.1.'1 Yi.¢*'° ¥ =h11>= I"-* 1'==1.*?1#= weer- * c M ..
arc ,1 '-492$*n -1. -up.Q-I
. _ 2* y~'a-..""-r-=:= - Under the contract Victory ice iumd £15 qmuy roe .e¢n*,%_£~.f;_A_
vessel before title passed. Thereafter, Victory was required to1 = .1... mritine 0....-.9.-.1 <>..1..>9.¢; "..~.*.;;;..+o..-.;..:1..-.
_ _ ;_-__ _11eet_epecificd financill 1-equiremente._.~y' _ f_f _;"§§;§'*;£*Tk-"::.*:¢- .et~""'- I: "-1- " "
l I3 ~.-.1-_- .
-.9. ._ , ., . tain working capital and a net worth sufficient to support the continue<l...;;,;!.i-,..»- inA .._._..e-' -'~ ..,,¢.,.. . . .
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; . .. June 29, 191.9
--' - .1.-1; 11, 1949
.3 . 1 Joly 31, 191.9
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Insult 31, 1949- . _ - 1-mm. 31, 1949. .7 _; __ .H I I To the '1"1n1m=111; reciuiréaent
' Victory Carriers eutmitted to the Oomieeion, certified balance- H -. - ~' " " .~"» - . 1 ---' -131x-.5 4'1.».--£.f3I?IT? 'h*T;~*~9T=31|-I7-51925¥i-»l §C'5~lr- ' »
- ._-, ».--_ .- .,--92_,-.-..... --¢;-.-92 __.-,,-.v.V;_-~:-,~- .- 19;-ge>_».,.»-V . . "_;I'5-7;... .- " 5 »=':_' .7 ;j -" 2-." 7'"-"' . f"-T" -'77-j avg?" _.?'%.*; -'1 .'" 1 me seven Victory chips were acquired title passed! unc1_ex_-w__,_,,h,___,!- -* ~ H the contract between June 28, ad October 6,
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ebeete as of -tin following datecc .4 .. - -199 " = 9 - .+;: --*»~;»=."-»:: --;'=.-.-1-="*=;"". ~ ~~*- -~-.-5:-r~~.=~:-:.~-_=+.~
-I===»=1.191-9 9. .._ .June 29, 1949 -1 "
H | - w ¢*" ' July 13, 191.9
July 31, 191.9 -
.- Iheee nancial etatemente were certified by
* meee balance eheete eet forth the __ __
in capital em-plue of Victory on the zeepective dates ne follau
, _
3 393,215-50 '
ea3,2s7.so .1,699,352.50 V
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the fin of Arthur lode-con -
, and Cmpeny, 67 Ia_ll_ Street, llewylorlg 0ity_g__ ; '_. - ._.-. '~_ . - r ~~. = ., -- - - uni f-"-r"5'4.;.L-1-'.-"'F'.'-'$~'1 ',-. .- .. --.-- --- -2-» -er-}f-9-_f- __ ¢q_-1:a_-f,--
cneh poeition lid pli|l._}?T-,.T.
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.- 1 1 "9 : . __1 91-_=»1, - ._. . . _." . _. V I :..%;" .. _' :.- '-.- ;E_'-_. _ ' . _ ls.-~_ -*1: r " _.
' 3 1.2431915-l-49.?->1-11:2
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r. - ' me corzectneee of the above-noted caeh position: ehonld _ __j
be detenined and also Irhether the capitol lo:-plus Ice cctollly
-'____ T into the cmpeny. iheee fonds should be followed to determine 'tbeirf" -"
original eource. IBPC will probably be eholrn an 1e.eo92:rce. If bake . _kIii; -,1?-:_,; 1. are involved that was poeted as security for the lune?! _;_"'"'I**?<';!:-,f'.§*. . .-' V . -. - . - . e - .- .1 "5". ".- -.1 -5-. 3- _ ' ' .' -1'. ~ . _ _ " -y _ .5-' _. 1 ' '_ " _ 4 j--;-._. . . . ____ .__ . ,5,-; . ., -_ ."" " " me incoln end dieharlcncntl of Victory -mm eve;-.-#:;#.;;.»1:»'».e1~*1<*: 7,, .,'_r__:..';L ... ._ --, -.'_ ' $5,000.00! ebould be obtained uni edieeuiea for the pe:-1oe,_In_y ''5 7" '._ O 15' .;g,;:.~1§=._. I "L H "é_...___ " '1. ' 3* ;-"E "-
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_- ' large uwunte between Victory end ite parent company u- 8i.IpUj.'!f;fi¬§ Spence In! hung during the you-e 1949 - 1952, inclusive. 1 check ..=:.I*=t;,1.-" _ . . f_cf mounts over 8100 000.00 ie cuggeetcd. 7M I _ =:__;-'.'.. l -; -;.|:;;.___e_"._.* It-___ _ I _. , _- __F.f ._. 1. 2:4"-,,_-_ .: §,;l',__ .f,?:v?I_é_5?_}i-¬&§_~_,:_.3$92§_ _. , .. . ._., ' 9 - -- '- .1 ~-..' §. y _. . "_f=»._..'_§§'-dz ,_._- . if there yen any other exchanges of full _ 7 1 F? _-
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;-.-F-Q" " ''- ~ 6. Determine whether the charter hire en the ee1'en'm-.=-f+%~- ;;-T. l-_-'-~-
Victory Ships was promptly remitted by B-aneatlanticie to Victbrji. ..
Ii not, were the charter earnings or theee ehipe committed 'to_,'lhe'-_-
repayment of any bank loans. Iere the payments ude direct to" '-Q". .=-,"'.'-:. atYictc or to some bank . , . .- - .- 4-f- e. W . '. l.. . . I: ' - -->-.-..--.....:- ....1,¢,.,,__..._..- ,. i,. ...,,,,;.i.!_,;-$!..<..*iz:..-'=a»j:92....5..,..- -.."._._1..3-"3 ".._- Q9:,1. ..- .1 .-, -- _ - . -_:- _-*-5'"-1; -- . .. . __t__...-Zr;-*,,;,% 13,1:JV-F 7. Determine whether thereiere any emchangee or mien; _
in 1.-dig. amounts between Victory Carriers, 11..., and Pacic 1.1.1....-e;i§.-j.=1_'.1_"-z;_;»._§.1..Inc. leatern Tnnloere, Inc.!, Oceanic 1'1-aneporttrading 00., Inc., or Ocean Trading Company, 1'.nc._. f '. .. T . H_ __ _ _ _ __ ..__ _ _F,_,3§F,;!_;,;',,_e-._,__ F _ .,>_., _-*.-,. ... - . . .-:..::.¥-.- .---*<:-?.*... *'- ..<-..-*:~.>~-@"- -..-: -. '....- .-.-.'<ca'£ . -*7. 8. In July, 1950, Victory Carderakbhrchaged _etec£_:iPacific linkers. me price was 81,877,000. lime down payment
$800,000. Iae this em ever paid? Iaa it e cash transaction? But .._e..:-.->;»..,_-
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1. - 1was the source ct the tends? Has the balance the on the stock. - -".= -:~ - .~-. .. -_ --...;-=.. -
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' -' < 'I~ is investigation is to be ex1'*8<U-$95 ""5 1"""t_.~'-!:;i_*:'vj-F;:_~>;'- che lllgqd to experienced Agents. A sufficient number . ',of Agentslmust be sssigned to this investigation in order
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I-1 There is attached hereto Department oi Justice mclosurelhmber 910.96 '" in Q "r[I {together with exhibits pertaining to this enclosure, which were forwarded 1n__'_ "_,--: _.-..
connection with Department memorandum dated I;/1?/SQ. - ; , V" _ n i-j;j_1 _.
of Justice, Washington, D. Ge - - ' :' '.1 o 7' = 1 irf-"" '7 .2-xi-*' -|--- - -.5.'1;
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receivable sufficient to warrant Victor! withdrawals. =
SSY records also reflect Victory, as separate corporate] - 1 L, entity, had sufficient balance to warrant such with- -
.Ii',fJ$_ F5/" drawnil. S$Y partger sate: gglii ha? 151; Zigiht towithd aw funds on epos a _ regar ess o a ance$.75 of grgu as package. Victory $750,000.00 deposit of -12/29/$3 debited to cash and credited to SSY account_ ¬.,,, ,l»r receivable; included in Iictory ca:-_htba1encec;]f.,12/31/50.E ' RIONA not ind bted to _V ctory. c 0 non .-"t Jim /!s§1nan¢1a1 affigavit for period 1,/1-31/3 appears valid. %1410- £1 Victory cash positions furnished to USMC checked and,-1
Surplus Account reflects source of funds" US?C 3"'i-T'95 """"*' "*%" ;0 - was $3,306,500.00 of usrc investzaent of $3,607,215.50 ,
.;.i'n Victory Capital Surplus Account obtained from USPO 92£2 bank loans secured by ARIOHA collateral. Large transfer 1 of funds between Victory, SS1, USPG and affiliated * _6°'g{/ 515 companies set forth. Victory paid cas on installment ;1| | basis for purchase of Pacific Tankers took n mount - ;4,] J; 9: $1,611,955.58. X - , _ --.- 1~ * Y F "_-' ' Q __ }_iiil".l-EBITE -soc =10-es ; A' ' " ; 0 -. . . 1/ - of
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qr _IaI » -~ e d e - » .- - - ,»=-'»-.9:--;a;~_+_.i',;n "._-_ This investigation is predicated upon IJepartment_!'*§§=".,!-17;;Hf?
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memorandum dated June 2, 1952, tothe Bureau from JAMES l!.- =?"<-,-**.!»:.%"-"-_;3f_-§-"='.'=-
MCINERNEY, aeeistant Attorney General, Criminal Division, ;;;_"~??;.}-1ir;, -ff-~Department of Jueti,ce,_ which memorandum refers to item_5' _'_.,{,§,;'°I'=,,Z'f-1,,--'of New York report dated H87 10» 1952.I"=*"""" 1 T - --. »~'»=5'T'¥--»r"""-*"'?'1"~ Y"*J
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- um; memorandum states £11.: 1ce'ppeér= that Victo 'Carriers Incorporated Victory! in order to qualify financi:Ily"'}"** "for mortgage ddunder Maritime regulations, bolstered its_;g'.j-;g§";;;~§;,1g-gm;financial statements by deposit of a check for $750,000.00;..,__,.,l,,:,_-_,..-L--_»_
that immediately after the close_ of- the period for which the,'5"7_7.fL'§'f'.'
statement was filed the money deposited was returned. T77. -. . -1 ". . ,. ,--. -
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p _ Instant memorandum further states that the use of the iwjlj.above device may have affected other financial statements filed
and may have been repeatedin other instances. This memorandum
sets forth eight different items to be covered in this <.-=.-,-2'5..I' ==»-"1*"#--.=~.~'92
3 items is being se'_t_1orth belowunder appro;pr'-iate caption._QiEf§I'§Tf{f-=?f'"_.' -_ _ _- -, -1, ,;._..:_-- :o;fo;_:'V1f.'*1:;;,'£;A,; :3!
gash Position as of _December}l, 11:52; _t _ Q__._ _ , .' 1"} --_~_.r:-- - . -,..--- ,_.- _ . #_.___._. .AI,_ ,_
it be determined whether the $750,000.00 deposit was included-,'1'§'j;-,in the cash balance of $l,l|2l|.,360.3l' as of December 31, 1950; -j:-""15-_;--;¢~
or if it was credited to miscellaneous and accrued accounts -1.",-g-:__-i~":_."'._';_p-,
receivable. This item also requested that it be determined
whether Ariona was indebted to Victory since the source-of;~_gi?;i§$;-i;'>?"<,§*$700,000.00 of the $750,000.00 was Ariona._'-;_¢'1.<; -_'--,-7-F-_-_*:'-';_'§.¢:-.~L*l-.":'*."~_,_i'-f1?:"f5§5f?_
, , , _ _ ',~ _ _ __ * - .. '.-=.....--'."*O--92-"1.-T--"-3-"""""*1'~""""" ____ ___ . .._ . _; - - _, . .. _ ___: ._-__n___-_.- __-.
In connection with the above-mentioned $T00,000.003,;i?;_§-,¥_¥.i%=4*it was requested that a copy of lrionaie memorandum to Simpson,'£?»¬?¢-'=-?
_ Spence and Young SS!! be obtained. It was requested that it-{';il'f.§5?_*."-Ibe determined whether the balance of $50,000.00 was made up by -"4
BSY, whether it was a BS! loan or whether. SS! was indebtedga _t_o___§*[1]'-92j,f;*_;T-_;;V V - T ._ __' _ . ' - _ _E ._ -. i__.§ ~ -'5'-_~ Z-1 -;-_5_ ,-;=,__':|-P,3__.;4;:b:-_:;":E-§:?iir_-_*§q':..
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on December 23,!-950, December Z9, 1950, and December 30, 1950, "e".4=6{
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he ., .;.-. »=~»=-.~_-~o ~-»-=-e=+- -**-.».~?-I-I-"-:*.~-=*'*-~'?*"-*-:*'?'F**¬*3~3,?:='r7*r? --*2__ _ W H " _ :_ _* **n __' , '__'.._ ___-5|. 'r'.;. »_ 14.; -,_~ .92 H ",._¢'-1;-;""3;? _',__, v --'__,'-_e-..',,;-92-='_-_,' ' ,.-' . - "-" - '-=' 3.1.: ---
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investigation. 'Detailed information conceming each of these
Item Io. two requests that the cash position of IILi:tory'-§,~;=;;"':.q
be determined.";.w- .'é"."',. .1 " ' '._'_ _-;'_j--.~~ -; . -1»- -f*.t*~¢ =3*.-ii-';,T2f,.$'=?;;§'o '92.
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. l'-_.-1='.- " , ' 3:" ¥¥7*' '25 ..'lj}i' '.;1I--~- Before discussing the results of the investigatik¬$nif_i-ii _
pertaining to items Ho. one and two, a resume of the method of"*?;5'
handling the SSY account as reflected by the Victory accountirecords will be set forth. . . 35- _. 1 ed . . - , . - .-.. _. .a .- -. _ . , . . .. _ u . . -- n ' e
- __ _SSY acted as disbursing agent for Victory. In .u¢n::;;--.
capacity SS! paid Victory accounts pa;-abl'e. | __, --__ ;_'_f-'""
The Victory records reflect that the sex account -.'i
was carried a__s e current account receivable. When a cash
payment was forwarded by Uictory to SSY, the SSY account was- ddebited by Victory for the e.mount- of such payment; when e ces1:'r.'.f
payment was forwarded by SSY to Victory, the SSY account wee" - 92-'..
92 credited by Victory for the amount of such payment. In addition
. paid by SSY.Victory credited the SSY account for Victory accounts payable fi
. _ _{_.- _ ..- '. -er
ihe Victory records reveal that during the period - ~
August 31, 191-|-9 to
, r _ _ 92
7 ; . During the- revious investigation regardin -. -States Petroleum Ca ncor orated usrc!, se e!=1*92
e_xamin d _r ds _ je t e ecor of --:
and compiled uata concerning month ending oaiances of the VEEFC ._
group. From this information, schedule A was prepared showing i .'May 31, 1952, the SSY account had monthending debit balances. ' _ _ _ 92e . :,_g.- - - ' ' - *
7!
TL
the month ending tances of the USPC group from Hay 31,-19l|.9 7--s
is attached hereto.
' -' '- . as shown
balance during most
Victory had sizable
l-9149 thi-oug..~~ Hamh,
during most of this.4-¢-..-- ---
1.
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' '' as set forth under item 13 on page 38 of New Iork . .., _report dated Ha 10 c was suosunnms, Partner, ssr;-V--*";,7,,
advised SAM!: that SSY regarded the balances
in the USPC an assis group s package in determining whether-:._
or not there was sufficient credit to cover specific payments!5'Jii-"f"'"
requested by an individual company. : _ Y .-i_*'.'.'=¢'»4§"-:?"-";;j"
' ' . ' - ' . . , .. . . .~-' -H ~ . . -..'- -'- "-8-P-~ -'.'<1 ,s-'3-;"." '5_,, ,.. -_ . . . ' " 1-; . _ .,' F. 92i,,. v- 0-""f§I~" -.. _' _ 3 -F ' ' -' 5 '; ' _'_f'Z:~,_.-.-f' .'-34-'-Iva,»-_;,--':e -42-. ,- A 92 .1 I _ -:-1. -19" ',. i;~-- ~ ._L.j¢--._,1-'. 14. .--.. . - .-~-.-.-. -- - -- 3 0 "- - * ' -- ' -4.-.,.-,._---,-. ---. is _ - V - -- ._-.through December 31, 1951. A photostatic copy of schedule A - '-
. of .-,__ . . 0 ._,_ :-_v- _ I -I _ Jr_ .___.-he .p-- _ V __ "'__ _-_
on schedule A, the USPC group had av credit
of the period. Schedule A also reflects that
credit balances during the period September, ."°"" §o.ia schedule also reveals that -" ._J-7JLe _ _ _period USPC had sizable debit balances. __ _
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"-*'-'-"-7 A t forth imder item 57 on page 120- I" 0 lb. ' E ii. I"' ""*:- e ' 92 _.-___' I - -_ .~ -' - | . _ .;.,,1--f ,,--_..-;-.._.--.- .0.92 I, _,.¢.-.f "92.--J ' ';- _-. .."_,'., .;,,,.,;--_ .5,:-* - _;--; ..._-' ..}K-_._--c,_.'.;. . - - db . . --. ',_-I .. 92.~-- '0; _ 0.a_ r I -I wt x . I h. I< Ii ~ 1: Q-_92;92q.-92'_'a_d ~_ . n--P '.-.E,.'| __ _, H. . ,_, .ea... ". . '7 -- "' '.. Jrr -_ --_- -1,, .. 1'-4 _.__~._. _. _o;_ 1 _- -- -A-.,-» - 92..-....- .,,._-_ A _ Qli, _e.s -__ . . ¢¥ ___f_v.,.._; ,,,--'- 71.. --;--dbl»; _.. -=_ -. .., . II , _ _, ' ' --' - "-'.- »- _-_- .
. -. ' - --'-v_~.*.' " :""?3 §.:'3*;";}'~--"'.~* "- ' " :'-xs; -.12 ---;~:_, 3;}-->>.. _;,y. --y-:5...; .. .--_ =*..4.fj5q,§i_"__,~____.oi New York-§.;-gwqgfg =5,-. . s se _.52 cums AUGENTHALER and nnnmotomzw -f*-;-*;;=-;- report dated Hay 10, 19 , , .,,_,,-._ _,. _DUFFY: ssx accountant, were asked by SA A!sFheather the ,¬?00,000.00 receipt from ...r-or92.e on , .-.:.-,',¢~,;,,;rh._¬,f;@:->r4}O* ,5; ,,.0 n ceeea tor SS! to have paid the . . .!ecemger 29, 195 was e ry . "-:.-...-;~""¢._-'._-.-._~.'.G 13 LUGENTHALEH maintained--93,; $750,000.00 to Victory on the smne a e. 1. _
at he bed no knowledge oi the matter but TUFFY, advised thet__f§,'_;;f;'_1_;;_?f_"f'-ni ertner CHARLES WATERS, who it presently abroad, ¬.;5_._-L.~_%_'y._.__i..:_%_,.;th
these orp , _required the said receipt or $700D00.00 because the group -j-;"-"-5 -_~_;;-or companies es a whole would have come into e debit ba1e_nce,-_-f- _*1-"_¢z;'-';~1'j-"i
50 000 00 without said receipt;-~#1@4- %-»;-.-;-;-i-- upon the payment of the $7 , '._ _ u 7 _ H fa- -. . re _..., . _"'¢-< ___: . - - '-, _v
ash separ:-ti: Shit}:-H 92 . -'-"o-' :__--- -»-- "c'-o-1' -...--.-;-.¢ ';-1;-.-;;¢..;;-e-;. 1-;_£1;};p that iieceg-':;".;;-i;;;~_7.-.;..;,
sufficient funds to warrant the -1=;'7--5-%;>;:;-T?-§S§=-=:-*i?=?-rwerding of $150,000.00 to it by SS! on December 29, 1950;?-:11 -;}=?~*f_1-; ;*'-.'-
t 11 - .. .. .i . concern B 16 thro 120 01' New _!o_rk_l_._i_'- ;fo
De in SSY'S method of handling this transaction -._,;-;.;.»..--
isset forth under item 51 on pages 1 _ ugh _ _ W _~__report dated Hay 10, 1952--_ -. 7- ' ' _ 1- _--_
'- ' 1; to bellnoted that the we ss! cnecn dame
1 0 in amounts er $700,000.00 and $50,000.00 December 29, 95 , 9 -- _, .that 1-acre tor-serded by 55! to Victory were debited or cherged_f.'". .; , _. . w . -... . ... . -1."!-., at .-_'._92=_-,_;,;,-.-=3-¬__ -,5... 1:.by SSY against the Victory account; .. . . * .,_;, -' _,__:
. 0 not F. mu, Controller, SSY,"'tu1-nished SA A!g$_?¢_hotoetatic copy of the following memorandum dtc _I1th I pDecember 29, 1950, which is being forwarded as _enc1_osure_ lio.:_gjn_e_.y._:._v_
with this report:_'- - . _'y--9 ,_
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Simpson, Spence and "Young y . .
' " Attentione -_ Hr, 3.
,;...£,;§-.,>.,_- ' - soc. no.1. F. mesa ;_-.f,j
,_ y . Am. EXPENSE no - __;.,- -J1;-__~ .~ "-- *--~ _ _- y . -'Y;..i~'l-$_l:gR{§,,,-'§.'»?='>;;_-;'3:¢a;?v'__-_-;--,'.,j;_-; Please credit the attached eashierie check of Eitiona1__'-L2,;-._f';;-;_#*»_;,'-""=c1|;; Bank of-1,1,, 55 Bali Street, Iew Iork City, .10. -;l?!l',B551§3_;;'' 0 drawn to our order in the ano92::92t_b_{.,-,-'-I-=-.?~ ;i:'~**=-- -e '_- 1: ----- __.. '-Q; -. ..¢ 1. _ . - _ , ._ r . -I
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dated December Z9, 195 e I dmininrauon nIp°n',.§H___ J-- 290,000.00 to Soc ._ Ind. ll. F. Lriona, _ _ _ " ; gfza '-{-'*' c_"--- - --».-W -- " -.;,;.r»'-.- - - ¢-'~"i.i;-=w"' ' -'-Iéi 531": ;i':-'=A- " .' - - --_e-'__' -. - > -.->- ._ ..-"' 92 . _ ;;._'.,'¢ __" "1-~ff' . -.1_"-_.--92-'1-_ -"--"._ ;-> _~ ' _ -y --."_ ; --_ ._- F; _ ., 1'_'",,-.-; ,;¥?"'- "-5 ~',- ;-92,- §_-'-_*$,§_-5.5- '7? ;;,;E.',>,' ".§§1;_§.-¢_'~7'..75r".-.-.,~':"1-$:_a; "1:-:,,_,_ ', ".__ V _ 1% e K ; .,_- . .l'l, 1,. -.. -->14: r:,._p ,__J;~_""L I 5}._ . __. ,._;;- . ' . _.- _ ;-_; _ .-_.. . ,_ ,-.__:_--,__ _ -, _ -__-__.-._ .¢ ..- - . ---- V_*3--~.' rt, C -;; ~..- .- . ._ .; . - .'7' _;i....?_!_3.", _'. _'.L;-:'*_gi.;.'l.".:.~."»_-_!l .1? -1 ,;,- _' 1 '0 - 92:. ~ -' »' , -" ___"{ ..; -~;- I, " ' "" I c. ..-- --- . -- . . - .'.-,1 _5_L»- : - _ _.-,b_ _. _, 0- - -L __.: ___ x _ I-'5-__,, _.j+f=-" {$fL£§-;§.-;>.~T*£_ _ ._.=~,;£1."..*.yj._j~,"1.""* '_
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- _ stationery and is not signed; however, this memorandum" -5;. _
.;_-_,g- - fgieontaina the initials "G0" and "PS" in the lower left-handi E- 1.7;_f' ~ -1|corner.', . .- ;-- -.." '. . ' _s " '11.. ' ..;._2.';':f.,. ;sf§-If-'_-'_ _A _ _ .__, _ . ..- 4_ . 4. __, it-..,| I.,_ .,7_s , p*I._ -"6: . .-5-' .'f-~'..-Z-Ii; "'f ' ' ' b -"_. :5 r:-' .' ' 7 4'. ' -' " 1 ';- "J." L" V; " -"'1P: I L"' . ~-1:?-'.:. "2r.:.~.i~ "'2. 7 .' E.4 1 - TUFF! advised sA a2_Pthat these initials are B-'7
i -92 -_7.'_" those of GEORGE GOKIINIS, fo accountant for Central ._ ¢--: 5.
it-If . ' American Steamship Agency, Incorporated OAS!, 655 Madison 4?T1-;'}_§,7..§ _ - ' Avenue, New York City, and PETER SPALDIHG, Vice-President _*-j.__:';.-;~I--=
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was appointed assistant Treasurer on June 2l|.,.19l|-9, _and elected
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"-""3. . TUFFY advised that csoacs comma is not located- ' - care of_ Panama Maritime, SA, 31 avenue De L'0pera, Paris 2,*~r=-_=_-1-.";~§.-f"
' France. He stated that SPALDING is still employed by CA3. YI -_
' .' .' .- ' ' '. __! J ___ _-_ ._ _ 92_ . .1
" '. ~ _ The results of the interview of SPAI-DING will be _I set forth subsequently in this repc_rt.. =. ' ---#-'.lf.'.¥"._*_'e_'.-"!_.~ . ;
Yf " '- -' ' " June 30, 1952, AUGEHTHALER was interviewed by ---._-__,: SA A!%uat the SS2 office, S2 Broadway, ew York City.-f .. ' He state hat to the best of his knowledge Victory had a --»i.'-.1-5;...-.;.-Y!--'
_ " ' legal right to ask for the return of ihnds on deposit at 8SI_?-_£
and SSY wouldbe required to return such funds. He added, however,
that this situation never arose. He stated that there was not-Q -
agreement oral or written that Victory or any other nemberol .--
,;:-- . 1 . --.-__-,. -- .l:1:'~,;_-_-5-:.-=6--se,-.1, f:.,T,a- " i ': "'1' ' i" L: ".:' ;_n 1 Tho: rt-Y f= 2-... _ ='-ET ___ _- -1- -_"-':=~_.r:-_¢ A17 i, ,.~-._.-$....... -....1&..-1-,7 _t In
_. financial nature with the USPC group were discussed with HaBOLD' "-
-.-- 0. BECKER. He stated that BERENSON and NICOLAS COKKIHIS all _ ,.. 1
. 7 handlesome of the financial trensactionl.__._'-'_- ':§'_._.?!g?-_??'.=_ 'E,; I ' " - " W _-_'- "' =_ 7" ' . "'1,v"-:'.'.'" 1"-f .:":",5"'-I 7'2 £395?"' aucmmma also stated that he doss .;.'.'n.-.'-1..
reason why some of the USPC group had high credit halances while
. °*h°=" 1° .*h°. SP 5*° P-h °°1".?1"°°'.:.. .4;
' lbs Victory minutes reflects that nanom to.- .
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" : ,, . , . -. _. _ - . u. ~. t _ , - . ,..;q,-Qu ;?g-1 a Director on June 21, 1950- ._ . .. . .. , 1.. ,._.__-._., ...,.z-.,_.,, 1 ,7, __ _. _- __. .__ -_ _ _ _; .. -. . .. ° .. ,- -. '-_'.-:__-V92;,. : 92 - . -L z.
- .~ ... . - - - -- - - ' " -at--1" :. -J".-*4. :..- » - __._. ,__ .. ,_. - .. 2 .....-.- -_. _.. . . . - -..-. .... .--.- -1 --u-p ._---iiygevu-1:-4-n '.4"'92"- '--4'-v -*--» , j;- . .. -.1 . - .- -. -~ 7'1 - :- 1; . -.37..-tr-.-_.r'-,. .-. - -- . .. ;- -- -.;._-»,.-5. _~,.2-... , 3-Z.-'__. .ad '7 -1 ' . 92- ._- 1___92_-;._,.,- _-_-_ . 5. -.> - .:.v; . .' " .*..5-"41 -* Q -1 ;-- .1.-92>' - J e.;. - --..$"-s'92-,,»_.v I '4-I. l'l& I e ¢ Ki. .g..»-_,_+ . .1 p~ _- _,- 1__ -. .__ f 92 . _ . . _.1"-' -'=-.." .'s'-"=ser=~":!._?__3r -'--I-"-*»-'-1?"-~Z3"? t _ 5-3?-_ .__» .g-_- . ~Lr_7..-__.i_ _ 1 L _ _ 3,. _~ ._. 5, J... -- =21. .'-".1.#-- » P. '1.--"e '--.§-" "?'*v- 92
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RY as-;2so1~ - e- ' I -_, -'34. -_ _ - _ .--. r - -.... " -1-if F- .:=-.,~_:;»:-.. ;_ . , . r l 1 - n - ii ..%'¢»#-z-_ - .-- une 23, 1952, Emmott.114s;14e;;ea"sysxm-1- nd the writer at the Victory office," -- ~~~~ -~- =- m advised thath ",$;ie;;c ,_ }=,E-G.J.$U.'|T'i Avcuuu, He. Yrk R 3 _- ;'.: fl ?-:1-i,",:_ becs_upe,afii1iated with Victory and the USPG group on July Il,",.l_,,,-;.},;,¥._E,§-;__..
' 1911.9." He stated that_BOBEB'I' L. BERENSON, Victory and USPO f:-Vv:s"':
President, instructed him to maintain as high a ance as--i--.1"<"_-j;-=*"-=
possible for Victory at SSY. _-- __ 1 ._.... -.~-;-¢'..;',-._;»j,».'_='-::;,;-*;-:31;.3.-.;+;i;._-fg
I . ' BECKER advised that he carried out BERENSOH'S.'1'¢f%'c2-§Z.§5¬*;
instructions and maintained the Victory balance at SSI at j,;,;t<;2-;;-'.-r.'.._;_;.,
high figures. .. BECKER claimed that he never asked BEBENSOH Q
thy he desired Victory to naintain high credit balances at'-"-e-*---'-'-'-='5""""_
SSY. BECKER advised that to his knowledge there was no 92v1'ritten,§.f;?-'-
agreements between SS! and Victory or any other member of the _T;-j-.=;.-
USPC group. He does not know whether EERENSOH had an _>I'l1_;»";__",-
agreement with SS1. . - _" _ ,_ _ _. ' f-__'_;'!._j-j_-' -Q,
- - - ' A - a '7 - .- 4 M. . ' 1 LA. . .. _ .- 0
' _ ECKER stated that he issued instructions to 3sY_'51:;"'1f7_§-_;,;'_
' when Victory withdrew cash from SS1. BECKER stated that he - *;*'j-
regarded the Victory SSY account as a current account r'ecei1rable;";'l;
He advised that he believed Victory had a legal right to ;=¢--;:---->-;%_-"--
withdraw funds it had on deposit with SS1. BECKER advised that,__f.-,..5.
in most instances Victory withdrew cash from SSY to impro1fe*,I-;"?-;@'Tf";
its cash position to meet maritime requirements,-_.~_, .§,',:_;§.;;_..7@._;.;';; _.1!.|.. .
_.
'4.' II-92-- J- '- w sscxsn advised that during April, 1951, BEREHSOII ~
informed him that SS1 required that all members of the U$PO_,,;~__
group maintain credit balances. Schedule A reflects that___';>-
since April, 1951, the Victory credit balances have been -%"?».¥§.-*=-
nominal. _.= _ s .. .. - _ is . -s_ ye w,_,7.;...___..:.__-.¬.,,_e-.,.,.>_r
~ ' . s '" sscxss advised that prior to lpril, 1951, he snee"i'.rfI;?_;-e
although Victory had high credit balances at SSY, USPC had _:. ;
high. debit balances. Be expressed the opinion that SS1 conJ.d__not
legally offset the Victory credit balance against the ssrc:;=;;;__;
debit lance or any other debit balance._e_ ,1 _,, I'3,-;"-';;_,;;_;,;-..;-.
._..;'r
said that 1:15." thought the Victory credit
balance at SS3 could be offset by a USPC debit balance, ,he_-__.E:<-___;;P;_.~4-5'_-Q -,1
certainly would not here eertified Victory balance eheete ,j_;,,.L;.,-__;_;'
which contained the SSI aeea.as_a current account receivsble;~:e?'+;',f , ~ ~ . . =4" ~ » ~~ :..- ~ --~=,»-.e-eeetc:¢f--I-'Q 92- 3 92
""'- .1-t ring ss! credit for the $150,000 co that was gecel; Q,-, 7 ' -1 _ I. -_ -.1"; _' --_" 71""--e-3 C? ~ *"i 33". 9?» . ~ _l1i'
Jlictory records reflect that as o1'_Decenber_31, 1? ,- ;1:_5'ff?i?;1>*;' ».|ri'cé:-1 en December 29, 1950, cs. sister-;'ss!:see'enee_"1;.g"§ QIf
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D ;.j Schedule A reflects that according t'o the SS1: -;$e~';>;:;=~;;-;-~j.=.,-'records, Victory had a credit balance of $6?T,lli2.13 at,_S8g¥.;f-§:_!§_;j'nf-;f§_?~,,-'-_
as of December 31, 1950, after the $250,000.00 had been ,_1;-.-111,-J-7..-. __+-
forwarded on December 29, 1950, by _SSY__to _
- when the amount of $750,000.00 was returned by Victory _- '
to SSY on January 2, 1951, Victory debited the SSY _account'-;~<_';,;,.--.~.._
receivable and credited cash. Although. this transaction reduced- the Victory cash position by $150,000.00 it had no effect on_,"--f-r"- _;;-
the Victory working capital since'tne decrease in the curren,t,,._<1<-
asset cash was offset by the increase in -the current __a_see_t_ I _ _accolmts receivable.-._; _,_ , " *",.f'-'"_»--_'. -.=.--"-- .--'-~.--?-;*_;=,~'-£4 bf;V . ' - _ . - . » _ I;-. _ _ -» ;_- r .. I", : J; ff - 1 -In-I
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-I' mere is set forth below a schedule showing theopening and closing cash Iance of Victory for Decenber 28, -1950, December 29, 1950, December '30, 1950, and Decenbq';-.3;|_.";.3 - ~ ' _ _ _92 _ y _ -- .-=3 ";;. .r _;,' - - . - - . - V ,, '_ ~_'-- = ,- '-_-5'4-.-f -,, -_;'._,. ;, ',"1'V . _ . __, 2 ,_ -. __:_.,.,92_ TI ;,,_.92. G r. . _ ,
CLOSING
BALANCE-- _ . _ _ _.- -. ., 1 ,. ,92__-|s|-_;_ .. ormnnc -- - = ' F _
Bemmcs -. mzrosn-s s wlmnnawam -___f.-fa:-5,}-,-
§» 7 590' legs,-G360
-e 1e|-I-3141360DATE
' 12/26/so
12/30/50 1 14,360.61 _ Adjustment _- - JP12/31/so m2u,3eo.31 -o-- - _~ _ _ -_-1.l+2h.360
0 - The abore deposit in amount of
December 29, 1950, consists of the $750,000.00 received frost ser-plus en amount of $l56,162.l|.6 in charter hire received'o;I|.,;;=,_*_;g;-=.;»'.-f
Trnltllntiel-D I _ = - sac--{.2-.»:;»..;-£;;<'¢='._'...---.-.. _ _- -_ __ h '_ L lb. '1-_ .. .,_ _- __1-__ - .;:I. _. _ _/_-11:14,, I ='_-j _..-; -ls set forth on page -117 of I York report dated "- nay 10, 1952, BECKER advised SAN! end the writer that.th u ose of the 1»?50,000.0Qdepos _na on December 29, i.-v-.=1920? gs to enable Fictcry in .".!'.prQ!e its cash pO81t10n__i-I. 7December 31, _1950, qualify for maritimesaortgage '- "
as shown above, there were no deposits cr_withdrswa1s_%;
subsequent to December 29, .§950._ 'l'he__on§.§'_e_nt§'_§__11_1_i-1392§_5'{-5:01!cash account subsequent to December av, sym In m_-uyn-"fog: __. 9; ,3o reducing the cash balance froze Q1, _f.-._.,--:._g,,_L>,_,;:___.-,§;, ' ...t1.§2u.360.31- - --' " -
-- i,";; ' Q --"1. -"j*.-1-...f»§'".'.'-"3'<,e~F'lf'1,'I-..l'--£,=.-.--.35;-'.*;.2r-_1..-pl,-é.-9,34-;.-Z-'. - '_;. 9,,gig-ilii ' - - ;".=e-';....'--1.-~1-'".~e"--ei _"$_=_h_e,!i9'§9!Q _roc_ord,s_'rs1eai.el_ _ I _- - antes was not indebted to Victory. D1 .*' '-" ~ - c -. ' *5" ' ' ' ~'I -O 1" ' "".!' I:-T."-' - __ . _, -,1 - , _ -_ - .-. _ .. 7 _ , _ '- - '-g92!|£;< j_*'.lt_;-_f§¢ e... - ;- n - . . -' Q -:._'__ 2 .. 2}. "L -.° __92 .. _-_ a.-I __. -J; _92 .-'5!»-._ _,': '__:'_-.p- , .:_.-- _ H '- .4 . .. ... --..=...-..e-. .= -c _,--".-_?.<- =.._ - . ._."-"i".~.~ - - "§m.£7'."1<"'- 's~»'».=». . _- . . . . _ ~ -. e - 1 "-; 1 "1- ', -92__f H '$;?"+ -_ . -J, ""'-,5 1-Is F113,; -_ _ F?-' M;-¥,I¢'7-I."' "Q-:-e -pf-;;J~¢92-_-y _ ~. .. ._.'_ - .-. * _ ' -G- ,.. - * - - -~ - - --*-~ --*~»--=- - .---==¥5~$>-+':f'-*5Y-:"Z~:::."1---1::¥}5':E§;="-! "'$'" ..=, _. 1--. . _ ;___ _ F I - - - -. _.- - ., .:____ ., l' "92'3!'!?r -1--=--5.-.:..ma.-**.|.-3*.-_¢~--=* '4.-A,-'!i:'a~ * 4- "' ---.;__.~1-"M ,,- 01- . .. e. . " " '.e _ 92 g _i F _ . I. ._ ~ ,,_ . _ .7-it . J .... . .. _-_..:,...,..".$. @,....":e1-'i-'¬- ;_v_;?§§{#w_.:H}aj~;rr-;?-$~.!:a_,é-;_._ _ r ' * -- * ~- 1 .,
I ' u I jg A ._ - 4" u. 1,. _ . '5 '1-_'-'* '1-~'?1'=T" *3"1-'1'.*'¢" §"T?"~3-I7l»- Q1 -I-"c'l'1f5"I*:'.: =92.' e.-.-.'-.....@;--»"=,»-.~.1~,.'e-_,'I. "1 §';. .41.. ,' ~ ' '- --~s---=-1-'i»~ .»~- .~ 1-.»":. - e -i -'-~ --- =wJ' *-wvii L» -;P}k.:,"*- "1 <'*',;":. .-'* -. '9» F"-''" - .. -.. -' ... 92,-.,'__ - _j_-, _ ,;';_ ,1__,-~_';_-.'_1';:_ r_:-_,"-,.a~.---f,_-_*;-_-Ilfv-=_5_f~'j .;.|1I92I|i_-§~L92-¬3,s92:§'.".-;-;-Y E,»-1, _._ , ,'4-£""~.-.'£-92"£-¢92"'¢""-'3'3'"§=92!"""* ""*""'-?" "5"3? '¬=** -Y-1*?"-I.§.. .L.. ._ .- . . '1"___ H 1 _ _ -rs 4 2 -_ H I-4 _*5 --"W "3": - "= " -.-"K " "' f-#}"]5 -:-~11-=1-Q-14-:-~|* 4- .=i.-:1-'1.--5 92."?P <-3».-_Q
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.. _ e » 4Vig§0ry_Affidavits: _ . -'
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"I '...;-wn-.1" tit:.7 -- 2:1;V -,. A_._ ._. - .-I _ _ . _ r,g:-!-;:.I|-. ,. _ . "
. ' - . ' P . #¬1L ' _ ll- .. I . -£134 . . :._,;e; 3,9" Item three of the-Department memorandum states Q;iTH?J
that on page 115 of New York report dated Hay 10, 1952,,-§§ng=;s>
the cash balance of Victory as of December 31, 1950, was _ _$1,h2h,360,3l; on page 120 the cash balance is shown to1"ap
hav bash $513,267.19 on January 15, 1951, before issuance if
of any checks that day. 4
Item three further states that this would seem. - -
to indicate that $611,093.12 was disbursed in lh days. It .
was requcsted that it be determined what these disbursements p
a were, their nature and to whom made and how instant disbursements
affected the validity of the monthly affidavits filed with
maritime. . - '-e - ' _ . ' , -
; ' _ Before commenting on the investigation conductedahnder
item Ho. three, the following infonnation is being set fortha. '
' In connection with maritime mortgagee:-3, Victory was 92
requested to submit monthly affidavits form HA-46] to the '
United States Maritime Commission. A blank copy of form HA-H6
is being submitted as enclosure Ho. two with this report. A
As set forth on form HA-b6, Victory merely executed :
- the affidavit unless said transactions set forth in paragraph two
had been consummated. Faragraph two is set forth below:
That during the period from ----é---- to -4-4----Lia,
both dates inclusive, no capital has been withdrawn, no share
capital redeemed or converted into debt, no divident paid, no loan
or advance except advances to
Company! made, either directly
director, officer, or employee
company as defined in Section
Commieeion=s General Order Re.cover current expenses of the said
or indigsstly, to any stockholder,
of the Company or to any related
299.l q! of United States Maritime
60, as adopted by its successor,-
the Maritime Administration, and amended from time to time!, no
investment made in the securities of any related company es ~ -
defined in said Section of General Order 60!, no indebtedness to '
any stockholder, director, officer, or employee of the Company, ,t;
or to an related company as defined in said Section of General*
.é,_'..;__-_-;:»;* -._ .
15. G: P! 1-,"'-~
'5 ' _____ _._,,,92.
s - -1 W '- -» 0rdsr_60§,.which was classified as long-term or noncurrent in anybalance sheet submitted with the application or amendment_;her%&$!" 4 - s 9 'L?$5é$?E5@*x" " "" "' '~¬* ~+- ~-a- -'9 ~" - "h¢ - a--fijzfsti
- 3- 1__ .5-..
I _,:1l,,.'5.:.---:e§i':é;Je;.~§,_.; ..¢ ,_.. _~. "-_B f'~- ~ -~ -< '>l?.3a*l .?'.*§*..'9.5i- r$"57":??+F
" ~|.".4-A -' . . - _ .4-
_ U4 . _, _ _.-_ _ _ _ 1,. " " ' 4..- 1- -.'. _ - - .. . . -.-.... . .- - i,_. _ . __-_Z. . _,' v _--;- M1.»-. '5'.' 92'u-l e ., .3, . -~..
" ;-_-- -_- "74 "=1-.a _92_:-E-_'-3 -__*"t_."_? *..-_'.";,' . t D- - -_ - _ _ - -:. 1- - .'. -, - _ ,. -____. -_ ' .. _'-,=.,-.-,, L.-1.,-...,.,-r. .:-_----_- ., -_ .7 -_ , -_-.>-,___- _.7-.----. -.:_e . ---- . - .;_.- __.r ~-~-, -.7-1, -92....'.-'>-|- --s-'..' _-' 7- J _ -'--C .1-"¢;"." _ _ -' -I _ , _" _J ' .. '..' . ~_ - . ,- . . -- - V - - . 92 -~ -.11
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- I. * K. .. " - . . ' ~-'::92;."-~. -~"*.- " _.' 1; .=;;._.1;--...1§=._ ..* ' ' _.. .. ,, '-- s : - ~ ' -. A ., _ . 1.". - H - _p ~- - -- -92. * _ ' ~_; j V .-. . ., . . .. 3. ,_....._t__ 1.1., _,.'
- .. - _. _ _. . . ,_- i92_. _ ~. , , , 5 -.-_,_f, 4?;-'~ '.-.'--;1_"§.».,*.--tf " * - _. " _. - . 1-_~1 , ..-us. .-<1 --* --":--A u'~ _1><.v_. "'. _ . . ._ - - -- -17- ';.'_=.-' ' - . . - I '-'. v " t -.1!"- 'f'*" '~" "1§.','.'-. "_ _ , . . ., 92.g,. .__ -. .V; .- . . ; "- .."-=-*" _'-'2'. .__ ,____, ,4. _ ~_92_ ,,,_,.., . .'.q._._.... .r ~-~_-_.__ --la-1 4 _f*- ' _- ,1. ._..2 30. -F1 |.|.6...25O'I_ _ . .p___-._ .. 2 _.'-in . :..:_ 5 ~ .13: _; _ ___.'-_:;'___.{_ _, __,;;_''§,.-_:7__,l._.;'
~_ - . - 0 "' .-. ~ 1- -5:" ;r.4* ~__ to _pur-chase or chartersny vessel under the above contracts-,"-§§~,-1!-;.5~'
has been repaid in whole-or in part, and no salary at a _r_at_efT~Y@f~E§1:fj;==-. in excess of $25,000.00 per annum has been paid except as".f=6tT"-¥.'-f§_'E,"?_Ei_Tj, 1
shown in the attached statement, deg;-¢ ========='s92 I. 7-.--If: r*".'%'-'.:I"5-";-.r.»*-,*>"*-? -. . . . ,1.-. .. ,... .-st... _ . 'y_ _~ _ _ ._ _ _ ._ _ ~ '1 .-.._.,.§ ___ _.92: _ ,4,-a ",~_9__:_i _ . _ . _ ,, ,.,. . - . __ .._;.-.. _ v.1-_,e'-,_; -_ ,*,__..r. p.¢'.*._;_é-i 4 ' ' ' If any of the transactions set forth in paragz-aph_.,-.-_*_',-..@'
two were consummated, Victory was required to attach astatement. '
setting forth the transaction cr transactions that were =.=;'j~'_-'j=j-_,'§.j=j:i
consummated. It was permissible to consummate such t'ra.nsac'tion_s;j'j*
provided the net worth and working capital met the _n1aritis:e_*-~.?'j"»'.;j;-_f
requirements after such transac tions. "-:--'%~"--; _ -*f~EF
'i'here is attached hereto schedule B shesing'i?§Ehtory_,,.~_¥_1-,.-.
cash disbursements during the period January 1', 1951 through t~'.j;-§1_'T:F. '
January 31, 1951. As shown on schedule B, the total amountT"'¥7;"j"'¬i;?
cash disbursements was $1,516,603.67. Schedule B also reflectsf;
that $1,295,000.00 of total cash disbursements of $1,576,603.67- .;._...
consisted of payments to_ SSY. - A p ,5-.;,.j_,,..,.i£'-.;;? ;j"". - ~ -. , -. .. . - .-M:-~o ,_ ___,-.. . ___
_ . _ J __. 1 . ' ."~.-:.. ,3 u~'.as shown on schedule A, the effect of payment 'toi3S!was to increase the Victory credit balance at SSY from §677,1l42,1Bas of 1_!ecembQr 11, 1950 to $1,, 123,611.11 as of January _1 Ii951.","'"'j'_ . _ __-,_- _ ; -'..._,-, -_ . - - -_ ,~' _ .'.| 5-- " " . _ '___,._. . . . p .4.- IIn examination of the Victory affidavit file reflected;-that on February 9, 1951, H. D. BECKER executed the nonthlyiaili-'-is-'.,'='.,
Victory affidavit for the period January 1,1951 to January $1, Lag:~ ,_ 1951. In executing above affidavit enema indicated that none
of the transactions contained in paragraph two of form 14.1-11.5. _,_-1-j.';_ij.ff_' _
had been consummated during the period January 1, 1951 tq,;.,;;,,.;;.,";-T-January 31, _19S1. _.; e - _;, '- 6- "j
- i -. _ . - -- .- . ----_ -_ _ -~--.---_-.--<5--51'1---:-5 .;._
_ An examination of the items set forth on schedule ,§i2"7§#il§_1.-
reveals that none of these items involve transactions, sst_forth_.1:§ '
in paragraph two of tom HA-I46. Therefore, the above-nentionedfp
Victory affidavit appears to be valid .~.&;_l»+ ',£'#"'If -' :1:-.?i='?i~*'i*é1~*~ _ _ ,4 92 _' . . - ._'_ - '. ..-- -1 -.._~.w .~ > -"-j5!~"'___1Ji_1--'-._ _ _ . .___ - ' . "., ' '. 1.31 -'1"-...=.---?92;~p *.j-,=. §~f92-92.
_ --- It is to be noted that there is nothing contained'on';},--
1 fom HA-1+6 that refers to cash position, working_capita1_ and
. p _ net worth except insofar as working capital and net worth wou1d"==F+~.Y"*"
4- ._* .___ be affected by transactions set forth in paragraph
. ~ - .- .0 .. . .. .- r -_ - -- ~-1--4--~-~<=~"---=.~¢I--Z¢¢'*4§§_13+:jictgry Cash Position as _of Ijecember 11, 19119 Jgne1"" .. - -' v - ~ -- ~='-r- "- "3"-"_& 'L¬>i;r. '35!§;;§, ' Item four states that Victory f11o<igenOIf8_1"1'_§1|_lne'i_ v-92 Cg _ _ V.&"-___ ,_ __ _ _ I V _ r L __ , V, _ __ § r - I. ._ __.- _ -!' _ .' -_;i_',:'.!:..._92';_~_92"_,__'J_?£?5|-:..: W .:_ I ' " ii P5? .~;-.~'='~ ¬;;'?-"f.;*r_;-": -.163 f:'<" .'1>;_5-'.'.".:';'.=.92.?:...'fa.'% :,,}., "!!§.;?-'-e gs-.1 _ :' .' -_ 1q_>__§. a;. -.~_. 5; ,, I .'.,;:_"?92-"*-1" j""'i -1 |92._..~- _,.. t " '_1. ' -- .92§ if" §'_,,_!'.:1'; --_- 15:1 1,-_-.s92¢F'-Fri; .,.,-V ',¢_":.' ""*'1' _. - - __-;.' ~. 1 . "_,..,, -._-I-' -'-"- -' " - " - . -_. ...w_ .~-- - _ . .__ _ . W .e_ -. j_,_. 1;, ' t L. -1 gr : e - Q $ ' ' ' 1 - H. a
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._,._.~_ _.- .1gstatemente with maritime.for the periods January 1,
J =» . Cash Balance ' ' '
Ta/"'-> . e I" T
. _ § I 92 .-
;-'- -" 7-"."'-J; '. .... ..- - - -.. _. .. . -'-1" ' , - ' ' - '. '> . I r__-__ In-_¬A~.;:,,-. $, ._._$. V .:._.. _ ; V; _ , _-, ..-_ ,_,_ ,- -_ _. _*_ L-1--, .;_--fl, '1_ -, J "J ' '4_ _ _ 1- _ - . _ __ __ r'_ _, _~.__-_-E5'-:'._I_Cg.",'.. -__-' l'.. . . .' - ' " * - ~ ;,,.""; ,:_ - __.1,-.,__ 1 -- _. _, _ _ - N . _ - -. '_ - .___-_/1 1*
a . _. _ -- .; . 1..1 ~ 9:.-_,-I-if."-1-.-'. '92§= -' ,- ;_'*v' e. --, _ 71'-'-'1,-.-1s_--...-.-.;. rr11'*---:-'- "-"- ""'- -" -LP} ~:. .~ -:-=~"- *1?-r-.4l";.".-Ii; "'_?, "" [F ' - .'- 35".; 7.-4-*'t, 1. .--. 1- ..."'..,. "'-.. - -11- 1' =',-r- .-A Jr -:-'.~ : ~+.:;=- .~. r. " ' -3"-*' " ' " -. --'~*"'~'h "" i'&,s ,_._£_,;,,,_, _,_ . .., -. - .. .. . ,. _. , >..-=}.,_,_,-- -:-= .~ ' ._ __ ' .1- $1? iii?-r a * . - . " 1° " _ . - » "~'-.3 :.:.-"-.~;'Ff'1Qr"5- -"='5 I. 1, J1 _'i_.:. . V _ T -. _ - . I _ - ..*- .-. - ,. I -¢_:-, .- - -Y ' 1", _;_i:Y.?._e_.- _,. 1.. J - -- _ L - ._-. -. '92 ,__ _. ,,. _r , , ..g,n 1 -. *, , "_- . II' - "'l'*- ' *9 -is 'r":"' " ' .1 -1 Q.- ' '- '!f-'T "-' 5-12"-.' -I ""~' r '- .."'.;_,,4T+.*z_.'Z';".-?.i.j I-1,7 .2----: - -'- K----;;. ;= if-"'_' 1»-_ ~ ' .s.l
92- ' . i sL.f-.9? F
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. -_ -_ . 1- I .- K. 4 -."' -, -I 1 - _- = as--vii. --w~'*_'--'_~l.'-3 I-mr 1; " ~92 92-
' . "_,"-_.: -". ,~_,- ' .92-~ .'_, _-
r .. , ........-_,. ,,.'- ..-.. .-..,-,-..-.,;~a...-1 -92 .-»-.. _- t
|__6_-25QT V ." . . - --;_ _. .1-._..» ~*';_"-_1-.-'--'_.._; 1-p.1_¢.r";'" s " " " " " s 1 +.=»:>
191!-9 :-yto December 31, 19h9, and January 1, 1950 to June 30, 195Q;i;$gy¢;"showing cash balances of $1,167, 51.96 and $1,113,053.88
._December 31, 191,09, and June 30, 1950, respectively, It was?:-,1.-_g.;=.1:.:';
requested that the accuracy of thee cash positions be checkeduf sf
to determine whether the same were_bo1stered in any way,;n:§a;£k+;- . _ - -. ._ . , ~ ., -.- ~r.: 1, v-- ....=1r. ':-'1. _ __ , _ , _ ;__ _ . _ . I .,. . . I :1 _. __;,.. .f,,__1,.. ¥_:-_¢_;§,:.t?_;_ f¥é&_::,, __:.".:',¥1f:- :5?___,..__V,__,.g ._' - _'r_»-'a,_v.'
1' :-"§-T ' ' ' '0 "I ' H V I '_ 1"? "7 _-"'-T V-_' i-1---* .7.. - _ ,_ _92 I . _ _ _ _ ... ..
' ' , A__ _____.I__-.s.1_.; 15' .s_92._ 1'1'.|..s.._i .._._92. .._..;Q.'.._A. __Q.._"_ _'-I"$',"_*-- 7 In a1lsmJ.n&I;;|.On O1 UDB_ Ilclio CUBE ucgouni 1'°vQl»Uq>j; ,f;';_"._'I;-"that the balance as oi December 31, 1919, was $1,167,151-e96--kg!"--;i§*-
An examination of the Victory Cash Receipt Journal revea1ed_,__'f _ _
that no cash was received from SSY during December, 1911.9. _-_-_' K _- - 7 - ., -. .'"=';+<---s.~-1£»*f:*§i'-'"=-'---~
- Z - There is set forth below a tabulation showing .1-.1-.1;
Victory cash balance as oi December 1 19119, cash receipts .-,~_.-_~.d_-, 'and disbursements during December, 191.19, and the cash balance .
as of December 31, 1914.9: - . - *' ' -,.','__~ i_ V , . -.-._-- -.
' Cash 1.=,,c1,;,c;'1z/1/1,9'i='9- '9 H 922.21641;fi.9ii.;.;"__;.1 '
Q Cash Receipts December, 1914-9, '- 39 560.
.. - . ' - ' - ; ; Q " ,,;. ,Cash Disbursement December, ,-or - .~ - 4--"1-'- 1
19|+9 - - e - . 9 66 "- 1 .o i -Cash Balance 12/31/I19 $ -
. _ _ - . |._. ._. _ .._____A,_,.
. An analysis or the cash receipts journal rei'1ecte¢lj;.'f*_"".
that i323,0i+6.i|.0 of above-mentioned total cash receipts of -
$339,560.51; consisted or charter hire received from Transatlautice.
9 Ln examine-ti-on of the Victory cash account
that the balance as or June 30, 1950, was $1.l+13.0S3.BB. -.. . .¢- -1.
-;, e 1. .., ,;,m.,.1°. .* ¢i,;,ui;.;1¢;¢.¢.;,;;
cash balance as oi June 1, 1950, cash receipts and disbursements ..during June, 1950, and the cash balance as 01' June _30_,, . h.9 9 9 9 D Q 1'21: 1s1;'6Tl;l?+-a%a9;e,;
I 'es1'2e2.Z1-~ s, = _'v_-' . . e._ -4_ J-.1.-:!¢,,;- V _ - -- ,I I .' ' Cash Receipts June 1950I __._ .-. .
:_ ._r;_ - ,,|_ _4-_?A.n/..92_>I1I|-
Caeh Disbursements June, 1950- ' _9 _
- -- - Cash-Balance June 30, 195031 9 6, 9.s;f.-5;;-.a::t_:
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92""§*-'-"-'- :-- On June 23. 1952. BECHR advised seen ma9i£;; Q0
' 5? -F -_.:.7-. ¬P'- "3
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-er ' -'--',-~-,_,._.~";;_.-,,, $300,000.00 or 00011 cash receipts of $081,262.61-15;}-é§;§a..~1* iapnsisted of cash ayment of $300,000.00 received from $»SI;;_§,§f;_..¢_*_;,;--:_*,,on'J1me 21, 1950; $312,320.92 er total cash receipts er
..§6Bl,262.61 consisted of charter hire received from Trensatlgnticachirins June. 1950.. . _ . .. = - . -i1'i*;"'-";;'i."-fl-.3".
$300,000.00 received from SSY on June 21'. 19$°s?*"f7.-,1-'~_1_,'f;;,';".-'
was debited to Cash and credited to the Victory SS! Account_'._-.;;-.i._-;- 5
-Receivable-.. P
" - Lntanalysis of the Victory Gash Disburaementslournal
reflected that amounts of $25,000.00 and $100 000.00 were paid" _by Victory to- SSY on June 26, 1950 and June 20, 1950, respectiveii.
Instant mounts were debited to the Victory SS! Account Receivable
and credited to Victory Cash Account. e -_-=5 ".._' .:'- 92~ - '--1._ 4.. ¢92..»..... -'.. 1, .'~ "@'-' '
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.- ' : The Victory cash balance was increased in amount o1';"'f. '
$175,l_0.00_as a result or the §300,000.00 received from SSY 0n_'_._,_
June 21, -1950, "that is instant $300 000.00 iess the mounts of$25,000.00 ma $100,000.00 paid by hea-.01-y to ssx on June 26, _.1959» and June 28, 195°» respectively. ' =1.-; 0 ; .-
writer that the purpose of the $300,000.00 withdrawn by Victory"
from SSY on June 21, 1950, was to increase Viet0r_y's cash position
as of June 30, 1950, to meet maritimew cash requirement. -'- ,- I - - I1 - 1' 1-. ;,_;1i.:.'.."-.". _"
- and A ' * 3J-1-1_29._19L-9._ -I-=11 11- 1,949. _-I-11-111. 1912.1 5-11-1=§.:11_12_12__
' Item five of Department memorandum states that under .
contract 1100 62235, dated Ea; 25, l9|-L9. Victory purchased Seven -"
Victory Ships from maritime under mortgage Q In accorddnee with
the financial requirements oi General Order 60, Victory submitted
tifi d balance sheets as or the following dates: G I -Q B , _ _ ! , .1 _' __ }_ _ r Ln :1
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0
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- A: __, - _,-_-2,. $1-ff; 'f";_ . _».,; - . .-- . sf P ¢ -3,11} -'4'-11,, .~e'$.g;.v * -9.-...- Q1GURU CL,
June 29,
Jul! '13»
0 , , I-Tu]-I 310 19'-I-9 , . . 2. '.t' * A -_ ~. .-.- ~, 31. .' '- .. '25»-l. '.A'.§;';1$ 1..,, -..1
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¢.-.33.--.»;_.- Instant balance sheets which were certified by_~.,__q§¢;=%.5;sg.-;i ' - Arthur andereon and Gompany, 5? Hall t-rest,-, Ea! York 1L!it;";';,_ff?_'.',"H-,_e;,;;§.'
sgt'!'orth the cash position and capital surplus of Viotory£;1~5'on the respective dates as follows: -I';:L92_:4-; >"',;;_"-I"'gif;;;§r£:!::!;.15;-:¬Q;{f_-§E¬?
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Q_A.' 92.
r .c.-~§ - ' - - e " c -A " .- - -r " --"'-*"- -'.¬-§'_;+"i.+.." " It was requested that the correctness of the above-='<:: *"-'
mentioned cash I _ I 4 _-. u. - _ _. - _. A. I __ ' , __-, 5 ',:_ -* _ ..-",__- -'1 1:4 .-7 ;-i<'.".ie-.___'* -- I-. -I_ _'r _ ,, . .- V. ._ =__.4, ._;_92n_I-, _ _ - ¢. 1. - -.
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e 398,215.5b= 5"» o c 1,2ua,21S.50=9,s;?==:1_ ae3.261.so a - 2,025,215.50-¥¢E::§%3case ;-,=; 0» _ j eeimnwsrws
1.as0.5?6 9 -e~ e es. 3-602 215 50]¢;;ees:Y<
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"_,r» ts E-' .¢ ___ .-
positions he determined and also whether the .__;é<,_-»,_¬;~,_
capital "surplus was actually paid into the company. It'was'_f,-'_i'_:':_;_;,__
also requested that the funds be followed to determine the_.?¬;;31:,-if_:-original source. It was requested that ii bank loans were " 1: -."-- ,:,_ _--,_~.:
involved that it be determined what was posted as_se,curit;__,.-§¢,_,;;s;¢@*;-5
f°=' *1" *""1* 1""-' 7 * 1 -I F »~
cash positions
and August '31,
'.w -. This
osition as of¥1!59?.I86?:.59'
-W11 11+. 1949.-.-- .-._ - --~-I -egg '- _,;__-_.r_- _'- .- . .'- _. r 4 . I92' , I I Ln examin. i "a-tion or the hiotofi Cash
Heceipts'and Disbursements Journals revealed that the above
Of J!-the 21, 191-L9, June 29, 19149, July 31, _19l|-9, ,~_-,;,§*_~_?
19149, were in agreement with the Victor; recordsg},J ' -Y L - e .j
examination reflected that -the Victory easl1_-E-,,__.ii
.Tulyl3, 1911.9, to be $519,362.50 rather thanf-,;i_,, _'However, the Victory cash balance as oi -' _
was $1,699,o62.>0. This discrepancy was probably-3;-=
caused by including a Victory deposit of $1,160, 500.00 made ff-_5_;=-*'
July 11+, 19149, in the Victory cash__ balance oi 13. l9l. - _¢_ ,.-5. ,4 .»~"v..? =11-'- ' 1--0 --- - -w e ' .1» H Y. -lnsxamination oi the Victory
refle cte d that through July ill, 19l|-9. the sole source of cash ;consisted or advances from USPS." These advances were credited.to Capital Surplus. Uith the exception of charter hire ilrthe 1 "
amount of $35,22h.T5 received from Transatlantic: on_Jalz|-§1,5-.¢7$_:§-m
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1s6§9sB62eE° l _ it _ 3.315.715-$0.*.'¬5~g,-;-e§'~Z'.1e.4-v
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mr he-250'? . a - - 0 0- ~__ £53 ~ ' ' - - -I ~ ' . 3 -.'-.. '.'.:-H ~ ,' ~ r".~~.'- .'.;; - -
;p.,§iJ; There is set forth bel0w_a'achedule showing Vict0r1?f;".
4ur1n3tau5u;t, 1909, and Victory caah_ba1ance'ae or Angust;§l£g¢*%§&19l"9:-?."Q.-T - .-' ;_--' -~=~- -' -- -.1 "-.- . -'0--"""r.~r' "-.' "'--I
':a_v-,,;e_. 1_4~ su-. -_. " 0.0. Balance August 1. 191.93-.-T 0 1.650.570.l+9_,_....- Cash Receipts August, 19h9;;_ --- » 1,3gg,g;0.9%;;3§;éh-' 0 '0 " '0 " =s?v2a ?=|04v'*"""""
1 : g 5, 000 .00Gash Disbursements August, 19l|-9,
0 Cash Balance August 31, 191;-9 ; '_ _§ p
' _ $950,000.00 ot_abov,e-mentioned total cash receipte off-"¢.'{_$l,333,350.9h consisted of a cash payment received from SSY on :' '
Augugt 15, 1914,93 $3'{8,905.l.;.l oi total cash receipts-oi $1,333,150.91;
consisted 01 charter hire received from Traneatlantica durins
. , - _ - . _..'0 '0 0 'i'he $950,000.00 1-.¢.1.ea 0'-emssr on August 15, 191.9, ._l-_;-.1.
was debited _to Cash and credited to the Victory SS! lOGOI1l'1t_;-".:.{_'*-R°°°5-_'..b1.°. ' -:1?--':*L:;r't| a;".~.1-~*';-='--4+:-.:::;r?e:£.-?:{§_{73i9E§ii£_;Q
0 - An analysis or the Victory Cash Disbursements Journal ,-;~_;;-5
revealed that amounts of $200,000.00 and $100,000.00 were paid _.+.~_- *-by Victory to 88'! on August 23. 1911-9, Ind August 25, 19159. ;r__-;-'*'~-3-;j,;_respectively. Instant amounts were debited to Victory 88! __;=;~;;;_,' account receivable and credited to the iietory cash account. -'
1 0 --0,:" -T I K ' ifhevictorg cash balance as or August 31, 19149, VII
increased in mount 01' $650,000.00 as a result oi $950 000.00 "'*received tron SS! on August 15. J-911-9 that is instant £950.00!!-00 _1... en. amounts of $200,000.00 and £100,000.00;pl.i<,l by v1.1=0q:,,;to es! on August 23, 191.9 and Lugut 25. 191.9. rs=P=¢_%1'q1I_@ '
Purpeie
M aw92~.! .~--- 0- . -.~-- On June 23, 1952, BECEB .e.1..a sung and
writer that he could not ipecificillj recall}-he P'l.iI"Pvoi of$950,000.00 withdrawal from SSY but presumes it was for the
of iniproving Victoryis cash position. _He stated he lmejw oiother reason Vfor such withdrawal. * . _ ' . " -~ ';1F-1"--Y?--_=I;-.f-3""
T-ea? -gwf 4 " - -H-_*"-'§'-J -1} ~' 2 _ 1 . 3, 1';
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-. -..-_ ... ---_ -.- ,_.. _- ~-s~..F '- 5-0 *.-~1'..¢:';P-'*.;'.'¢-f'-_=:' 1* .*"-'." ;} $1,;':=?",'.-41'?-I-"$81l} 1*.1»0§;3:s~_;-::i=Il-%§-*5»-5 '1'-;'7r!';j_f-"'.> -__2-:1-.5-2->'.' =.;";;_}--ex -.~_ r3¢;<$.,-"_;f.-_-,1-1'-_'-..92-5e_-£3-.; 2..'-- -' H =*-- ---- 0'- -..- ,-- - - - -. - -=-c - ",1"-2-'i0~---' ' -' - '--2 ;>.r.-*-_'-'1-*' '* ;- v '-;~~. '-:..--"1; -.'-"- -.-" """': .:"2"- Z-'-".-1'-":5 ' *.' :" T~'-92- :h':*--"'-.;.='~ -..'.----. 1.5.2.. . ."'.-L3! '--- "- ..-~ -:3"-'_'h :'i~' 1*.""'-'.'_""!:- 5.~*1-"3';"§,' ,..*-I3 <3 " = -.' ':;92.-.1 ". T. -5-;'-1',-' "'4"--.-. " '-'.=-..-K--'-.~é_:L'-._--92'-5",,-4 P .111?-.? f-1' -61-" '1-3"-e-4;.-*-5: #7. -' "- - ' -- -- -'-_ -t-/IF ... -3.-1-.-;-"--.11-*" "_<1i "1?-"11"J'S'§:'=»'$S.!.;.-_.--¬~ ¬-3?.-'-'5: ?-ii:--.._»J92..'=¥ i= 3-!;e'T'-'-'."..;»I-.é:1'=;==e?'=,:,"'cash '0 balance on August 1, 1909, race;-pts and diebursements*£§i1{fjg?§§$if3;--
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Jjbm May 27, 1909 throughfJu1y_3l, 19h9, revealed
capital surplus wasactually paid into the company
There is set forth below a iohedule showing dates
of the capital surnlua paid into_Victory by USPC:
DATE
A I 9 1"I -+1 I-I-1
6/29/k9
7/ ll./1+9
%§§¬¢t3
7/29/M9
ef1é¬t'An analysis of the Victory Capital Surplus accou¬$§§§;., A_, -
_ ,. 92- ,.... -
capital 5urplue_§ccount5 f 5??,r. .-
AMOUNT
t 552TUUO.oo' 215659
' 737,000.00
5 1,180,500.001hB,000.00
235,000.00
B 00.00
lbtal 3 W_iBALANCE
B52TUUU.oo
1,208,215.59
2,035,215.503,215,715.50
3.363.715-50
3.598.71S.50
3.607.215.50s
. _,___.,.,..-92 :~-5 _ ~_._AYictory Carriers Incorporated _ _
f
s*=1=;=1= *h~.n@§.a-en .by U326-,____._.,+.;._r _ _and amounts %r¢ -
..¢1*f?9?* * r 0.,' - ..',. v _
" 7- "' ' .-- .., . ..
' _
I,_ I ,--e 4..4 .
"F111"; II__.-'3' "__1| -- _ 'v-..- ... '.I "' .-v ..
r;',_..,"'.'l,4.. ..
-.. ,. .. -
- m - - -
7
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. I "
. '.". .'L"u.'a' ,_..¢'f~>¬ ' .
1 ls set forth in the above schedule with the exception Q
of the July lh, 19h? Balance, the balances in this account are in
agreement with the balances shown in the Arthur Anderson and. _-
Company certified balance sheets submitted to the Commission. 92
The Arthur Anderson financial statement as of July 13,13-
a balance-of-$3,215,715 50on-iuly:13119hS,r£$he::§<-H 7?. _ < ' . '..' .1 ' '1 .__ .' ' '_ I ' '1 _-.7 4. '.;_. _ ,
than'a balance of $3,215,115.50 on July lh, 19b9, ae set forth .
in the above schedule. This discrepancy is probably due to the-:,..
fact that the mount of $1,180,500.00 actually received on _._.f
July 1L, 19h9, was included in the July 13, 19k9 balance, _ ,V - -- - - _' _ ' - _ . _. .;_.,.
An examination of the USPC books and records was index 0Q I
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_, .1
' C'92- ' I < r .92..-i~ -z"... 1 ' . ' :
' _,.... k 4- : J ._ kg --,r- , H,-.A' .- _",92_"' I V H I ' l .
'_ , , , J. - -; . -.. Y . -'.-. K I . . _, --_ -.-. ._.;._, . ~.¢-. 1A .'_ 7 | Q "'__. 92 ,,.._.,.-» ,_, 1,, I, V . Y .r. 0-. . -0 -. -- .1. .-92.e - T - 4' 92 1--.~~-P.-"'0.- '-
' .-' .. ., ¢. _'..' ,-.1 $.14 I;-'.,.'. .1-j-. 0' .¢-Q, - a _, ,:--.-_,.|_u'--1,'~_1 5
' ~' . _ - . ', . - -u»,p _' u Y1ct0§;C&rri_er§iincorporated Yi 5 - -, _ - . ., ___ . . __
.>.. _ -. ' 1' .-.'-_- ." ' 1' '--. 1-92 -::-~_---k -1;: H '- '.. -. f _/-__-',- ,__5..--T
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5555331 ' $553013
1/28/av*5: - 7/29/as '
F ' 7/29/W9
'* '1 Total
4 - '
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'92-v'_' , ' - ~$;;§:a;;-,,.¬f»_qurce__o_1l_USP§Funds forfcapital Surplue lnjeetgaent -. -»_g.-;';,>j,-;,-;fv,,.".',¢¢-_---».~- _ . __ ._ . ... __
-' NATIONAL 0102 NATIONAL BITY.- »-1~;-1:;=;r5¢0¢* -
BARK LOAN 0F.e COLLATERAL
_§Z§1[k3_;_;_
Q L av L pan -- Q; '
0 £r.22£:.2.._:i2 .7 .LL|_____° U- '99 _-852,000.002%3, 500.00u_7,000.00
7;0,500,00
it .Q-|;2;§Q0.00
av-#1 -v.-.... ,... e
UU
On Hay 27, 1911-9. TUSPC ;. entered into an agreement with
- the National City Bank of New York to borrow $2,800,000.00 for the
Purpose or enabling Victory to purchase ships. The proceeds 015.2--'-..
. the $2,800,000.00 loan were to be made available on an installment"
hasie. the USPC records reflect that USPC borrowed a total '01" --'- -
$2,556,500.00 under the above loan agreement. -. l -' --'+".- r}""...*._ __ _ ._ '_ , ;,_.e . .-.-.'-,, _,_"__, ._'.. . _._ ,._ 4 -, __,,,.,, _. -,.., .-'-@,q4-a.-a-~,' '1'-. ".. .- ~._. -,. '; . .... .- _--'.r W ..1£.'§1-- .. _- ,' - - . - _=. _5;..___._. _==;§.-'92,...;;.-'__'92[Z:-:.-- _ -.
--".oEREnAL.;;?.II§;{;._
FUNDS.;F_1T'TOTALi=V Li W i" I
0'0"-1 0 ' = " 352,000.00
_ , .=r ;.%; r .~ 767,000.00, 5-' Z ' ---3-0" .' " 13180;
'_, _- _ __ , _, , 105,000.00 ' 11,|.B,000.00
, "_* " <p- . .;;.;.. 5 235,000.00
" ' - .1; _e ;.e.5;599e99300, 000 .00 5
!
!
i :-00.211-50 #2. ¥'»<'>?..é;1Sé§@
._- "1
. . __ - - _,. -_.,.,,_;' '. ..~-- -#0¢%,0+~@=r=», .-
, .
u "J v 0 Host o1"the' security poted i'or this
'- by Ariona. Detailed information concerning this security is set*-.._-
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"93 .,._ _ "5'§o§;h .on pages 109 through 111 oi Few .!ork report" dated lie; 10,,_-$5,, _9 a L-~. .- - - _ -.1. _._*-f»-... 0'5» . ...-5---' . - ->--'-
' .' _ A_ ;_ ";' _" 92_ .' -_::,:_.r?', ' .
Security tor the USPO collateral loan at Hationalityi ;-
- . .,__ .,. _. W -9. ..-' .- 92
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- -11; 1; .. . Inn 5 row 8 a btained and scheduled tor ~-1:1" *
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- - , _ ~. :-'" L; -75. _;I.»;_; _~ '.
' .~ it! - _- _-92 V _ - _ - J a ~-1 *" ..>'-.;.--'-_.-_..é. ..,,_:»..--,_,,__;__-_ . __- _ .. _- ...-:--. --__ _ ' V.-_.,:...._:,?,_'_'T_ ,_._..
. -.-r "".~.-"-»-.- - - - -.-=:.' .-92>~...> '-I -fi§v§" --..:..1. '.. .fr'.J.'- ' --it Z, -1. . -'..': .~'? -:" -~ r 92_ * ~-' -.f ..-" ' -1'-- - - -.-.--¢;--» ."'.'i.» ¢-ee;<:- -- =----~ -- - --:-. --.;.-.;:-,=--.-92:[email protected]' '-".*.i-=.='e~_'.~" . .- __.i, . ax he-250'! . . ' .. - - -- ~ - ~- Q»;-:==.%-m-.,;¢-..
---;'.-". - ~-92-¢_- ¢. . .. . _ . . -"7?-"-'#. 1 1'-' "- -- r -r- -'2» - - - 92 ~ - ~ - m.4t.»-;1---. _ I . .. If I ,_ -.A$.=-.._192!!,_=":-x=. - ,.=.+ 2:, . .
VICTORY INCOME LIED DISBURSHKHVIS ' ' _ ;f:_§§§1;.;.0;§?~§»'Lj7-g;;§§f;,'»'
. momma ovm $5,000.00! ma muon Aw _ _¢,__e;. .?£14! 32 1m !°. LAF"A13I-1E,. 135° ... 1' ; T '0 .0 .0 '2 + ii ;:;::;;i.- ' . y -. e > . ~ - * P ~ ' '.'-_.-'-".-- ~.:'-1. »£l'1;: ":"._ 0 A? V -0" " ' A ' h t the ineome end disbursements_.
92~
' Vi 1; amounts over #5 000.00! B9 0 _ .__,;-7;.-_--,.-._-_..eth: :3-ice my 25, 191+; to annual! 15» 1959;! _ , .;-_-f-.*-';- :1-;;;',-;~Ij{:§'-l*"§'=§-;-
V rl-1..-4:,
. ;.~.~ g f th V1011!-LI am; an at up -1 -____~;_:.":'__:__92_n '. or 1?: PHI: 1-h0,1&i;tO1"l I-000111153 Pillbl-'6' "ildib einegent1orVe ry _.,.;_p;~:mu11;q,81<I_.|,9 through August 31, 19149 Victory did réot- "MlL__.- 1- £1-92Q Qf92B'I92-1 1!9292'lI'I'I1 _I-Hm» -w» '-H 5"-""'*"* """"""" iaterv " ~ - -_... ,...-- _ éiqtory maintained an eecounte P1715]-° 1"°B_ - .. .,,,__-f;_.,. .__.,.__
D t examined Itlie Tictery general jouinell 0.
account: payable register, together with the SSY monthly etete-' . f' ' d h d 1 e iietin ifietori iteini af ever:%n? 5,3Edtg:p::;e K13 ;.SS'I. Itsuae neceeeery to examinethe SS! monthly ltetemente in orde d tennine whether e given >1--* -
um y getuallj paid by SSI. eleo examined-the Victory1-.-- fja-an -Biabur.aa_i§*r@§=e'l1-Ft?-1-'1"-=1 ¥-F-@102!"-1-¥P.. #014! - 9- 3°- -"5 -1"-".*'§'-'37 0 0. F
Th; Victory disbursements to SS! rill be eet_fo1_'t _I921 "Q0 _in this r¢1>¢1h ' ' . - I - -I "'3 u ' -' 5'1?"-i-::;:-P.-_?*iia1t-: **?:f%5 :5 '
-..?.'¢;..-'-:-~.~-" '--<-..' mm-o ireetteched hereto 1>1w*=°'i"*i=i= wvi ff ,vhg_vi schedule! vrwld hr _ - -- .- - =1:-L1s ..:'.4"_'- ''1 -¥'?.. . r "
rem as 0 0 . .
segeeuu c - Sehedule sf 1111151." N14 vs #51 19 _9I9_ff_'__.-.f_ A" 0 cf i5.w~w-iii? =="=*=-W-_1 -Y;=_'~=_=-'~=_++_-..- 0
,..
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--1!-évI:;_,1-1 1- 7- % ?!;._':-'.- "?:,;.., 5 ;*. 7 A
Ga-T '3' -.'?I'.:. :7.--. -. _ L r*' " n. *1? _i==-=- *1 -3.; the writer examined the _Vieto1'I llh B'.==11=tI 0.; " 1-'1-+.as.,.-1-iea 1-iii 25. 1%? at :==-r: 1% 19§@§Q§°13P'°§a§,~--' -_-3' -4. aehed 8 I lilting eeeh 1-eeeipte in mounts 0 , - a over gi- inltant Period. A eon °f 3°*?_° 1° 1' 1' 1*'_=_f_§1='
E ,.-...r 4yi¥fJ92-
. .-' .7 . ,. 92-~.-.'92.'--'.;;. .. V . _ .121:1" '-~=1_~ -P J =-1-I-> '-:.s.g!g7_-§:7~.- 2 e--- -~11:--:_:..:*
-- -I . -- ~ .. '_"~¬=-=-e-.»» ¢~.;-*<@..§%,$1---1-an-; -"n-_.- ~ ~- . -9.-
92 "k ' -' - - - ~ ~ *f':E*TF@¥?I *-§w';92;' i:" Rr?'r * 1" '.. " -- ' . '11--V. --'.-E ' -' 2| . - .-'92-" - 3? F3 V Q-"5'-"':= '92I-"' Y -51 .*il':'5~'I-"4-11;".":-=1?-¬L*¥';~.&,.:55- 'r'$:?- ":-:___. .. - schedule D - Schedule of pqeblee aid m::£::g*_"__
-=r is-wo-0° <1»-* *~°"=%#' *.*I' '. ° ff'.'ie-"f
_ e1 Ceeh i>i.nrlmente_in excite "-'** " Schedule 1: - Schedule V V
v V»,-_ ~ * -- -: - ..--=a-1:. . .. . #111-.r'P"'*~._ 0- - - k =0 - 0__r '4-~_: _.' __ " ' ;..-,_ _rg;v_- - -_'- -~ - __._-4-'1 -_ P92*'l' _"-. "-,rI'..'-'.'~'.; e_- .1---_.» J-' :_ :__-_~_;92;"- -- -1-. - e 1¢H'_$e,.i'5'i.._* 92L_ .-A1" ¢92|._, ! 5-:=_ -J _.:'___w_._H: __u_~.-V ,~§:92:!_,__.h.i_ _r? -_~ 1. _ ..,. - + ~~ A-./<,_ mi-v'f. -,--I _., fir!-1*-.fg-92-_-. .e.¥¢§:'|9292_ ¢_§-_'-3'- - . e -- N.-"31-'.';.'9*,-e-M _ .92 '_' <, VT-*7. _ .- " -35 ~. _-_" .._, '_ _-. 1- - ..;-.~.-. - .- --- ~ 0-.-.; .~.q::;---.-2;-.:.--.:.',-,_ ~$;.?_ '_,.=~.1*. ._;925:.,§.¢_;;:1;.jié$;;,_,-92-.- E - '- . - . ~ . , .' >--,;',',_H;*:-,.,§¢-J ,;"}' II: 5'' ' - -- -__ '-.}.i.~t*-'-'.¢i.1.' 3;;-."; L.;:"?.-:-;__?-7.-_ $;,';:¢_2_',.-i4£5$§_n;§§-'*E?;;:-,;f_.f;_;:,gl-_:;
_ . w ., :0 _.u_ ,. . >._-,. .;. __ .7 A. __ ___¢._., . ,:._ __ ,- _ 0 -.-'_ -+-.*~>'.:*..;;~;'.*.:.=~i*f.=*,-w;va*£.1~:.'-:,»:".*-.1:21;: --»- *---er; ' ~ .
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-"- -" !§'.:..w- ;='-Zr : .1-¢."'1. '3 131-31.-P-.*'-'.: -f.-~."-...-.>_ ',-, ./' I ._;92.a1- ' .-I-~.-_» -._,,,.¢':----a- -L-1" ." .
.92--. - . ,_, - .:-~ -92. -.v..'-7 :--1.-bq _ . . .-~.-1, -1-; /. -92-_g,. ' - -_ .5. , . _. fr _ . . e-'-- . 1..-r.. wt: l.-- *_;_-he _ "'--' - .___ . _, 1-- ~ 1-~ -. ,... .1-. e -v-en-e§ET,,; , ,1". 92 F! ..,-"|92."IIl~-|b-"- - ...a.-- * . - 4-4, », 1- _ "H ' .-'. I - |- -< 1.¢ .,-' '. ..- - .. - .-.,.»_- -.. .1... '-..-,-,4.,.-n- -1- ~-. . --.1-...- ,7, _ I V. .,- ._ ..,.. . .¢-.- - - . _ _-. - ,.-= .-->- H;-£7 .1?-'..c -.=:~J.._V-ii .. _."__-._= ,_. . 1 -_l -_¢..:- -i.'-'.. '.. . 1". .:.'.; .51-h~. ,.' am" - ".1;wY»1»6-2501 » 1 a. I.;.__;.:Ei.;,_-_i¢q!§;{z'Z":-_'; ....'f..__;.- _ _.._. .__._.,...~.;.~.:..;.-.._a:."i:;..=;§»§§
EICHAITGB OF FUNDS BETHIEH VICTOR! ARDQT1: ' ._, _ ._'.e.,-,1 -,-5.-..~;'-5}.-.e';,-_§sr,~ usrc AND AFFILIJLTED go:-qualms =--1"-*-r'--;;¢ =21:-.-»=-.-=-=;¢=...»:>;.;...=.~*:¢?§'§i¥i+.=>-3 1 ? - -Y --; -- --'-°'-'-"'-**-=T * ' ~'i ."3I~'?92*i*
'.'_.J --p1,;-.5;-' Item S requests that it he determined shether thers'T.:§1';,_'§-é;-.,were any other exchanges of funds in large amounts between_07_l"' ."; _'}i.§;?-_i:F:'-Y
Victory and SSY during the years 1914.9 to 1952, inclusive... A --"-'-=*'--check of annunts over $100,000.00 was suggested, --;;;;.{;,..:-_;i"-=¥*'~?%,-"' '. . r . _ _ .- .,_ .- W; _.,..,. ,7. $1. .11., ., -.1»;-.--. -' _1-. -.-- - _- --_ J»-. ..'. _-.__.---¢.--V I-I-_.-..--~ ... __ .. .-1 f-97¢;-',.:o--F-=-<-.ga:n-J--F? P. hu--V.-.;-.__.
P.-"N
. 'w-- .R: .. _
Item 1 requests that it be detemined whether there;-.-fe-'-=_;-;_l;,...-
were any exchanges oi funds in large almmts between Victorfind
Pacific Tankers, Inc. Western Tankers, Inc.!_, Oceanic TransportCorporation, Marine Trading 00., Inc. or 0oean Trading Oompan1_,l:§-1I.;31». " Sw ._ . --K . . - --».. ¢- -' ;-" "_-" I." fj Q ' -.,-:.*- _ ' ' An examination or the Victory cash disbursements and
receipts journals for the period Hay, 19149 throng: Hay, 1952,?-5;;-l?.fe?;%'.p1
revealed that there were no transfers of hands between Victozy --;_-
and Marine Trading 00., Inc. or Ocean Trading Company, Inc.',_._;_;~'j-'
' 1 There i_s attached hereto Schedule G which lists thecash in amounts of l100,000.00 or over Ihich was received
Victory from SS1, USPO and at listed companies during _l=I:e".rq;;;-5:-'-.~.';;_"£;T__period KI!» 191;? 1'-hrwsh Ha!» 1952. ~ "J.-'
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- 92
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- There is also attached hereto Schedule H which lists "_i"1'
dishnrsq11;m_tse_:b7__Victory t_o_S$Y, USPC _and affiliated u>s;>aniestg_t"_.+-_ » _in amounts oi $100,000.00 or over during the period Hag, 19l;9g -»..j._,¢,,.
th1'°1-IQI Kl!» 1953- .- A - '. A;- *.-'.-"-'.'"-?."=-" .""7.""'-1.' r S '- p ' " - '~--' :1 ' .1.-_..'-"'5."-F~ -_~%".1"s-1;.-¢.§c' '4-'
- . ' The following comments concerning Schedule G are set ,1,--..;_.
torth below under the nane or the company that furnished sash stop?".+.,;_ _ -. ».-. 7 . =_ '- -'_.-,' |4_..§..' _ _- . . _..-. -. _. '-1-fa-92__.._.»
~ - U3 1 . .. . _ 7- »_.:. ---.- 11 ?,_ -F.-.J"**-§4£;?i?:§*f§"i'
The records of Victory reflect that all cash received
from U8P6,92dth the exception of the $100,000.00 received larch 111.,--
1952, was credited to the Victor; capital ea:-pins account. - .Ths_,_
$100,000.00 received on March 11;, 1952 was eredited to 1cconnt;.3-$2..
01$ - Holding, Subsidiary, ltfiliated and Associated Gospanies; V-;___" - - < -- I;.-"_:;-k.
'.-- "_.
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92-92.92, .,... " t. "" 9-"1. -1- 1.? _ -F ! Q ..',."%_ -I ?§9?;_g§:.,._ 1 _I""_:£_;Z,;f'! -' . * . -_ 1- _'. . -_,.9292_.- __'__g , 7..-,' ~e'a.;,.~ _ - 11-. ,_-£_ I:-.-_--4; '.~l . I '1' p ._.' - _.._92 J _,r cf.-._,v_; -. . . - ~ -' ¢ ._ -}x_,-_~ .,__..-1-.T 1...---..4._-;»__,.,.~_,;!i ~_. _-»4.4.;£; _ I i-. L - ,,.:1.' '- ~,.""-"',r . .. c ' -F-.."' '. . .1. - -'?-.".1.-;,~L-_;.'?"**.,- i- P"; -' r '-'1'.:.' -' " "'E~"""""f I - -" ....,. '. ."' '72- F ""'-' "' '1 ' " """I." ""9"" ' 'estfriezw 1 - n. -war-.-»-"'-'-.:~-'-~ ?~'.~;- r~+*..-r-.- -.1 1. *." .I §? W M 1 . _*:,, A 1 .-5 ._ .4 _ ___ -.-._--.' . --. 's~ _ -'J-:2; e-. '*.-'-*:- . . - . 1 ..>.-~=--==:<-=e- :.;-e».. * - -..1u",-,.» ~ -.1". ' " " .- .. z :.-.';.*-.;_;..- -1 »; 1~ "K ..~r-. .. _- - ._ .- -.1 - -e _ _ =~~¢ ?-1;,it. --. ?_-;+'=- =»'- -I =~x;;.~;1r~".J*P;.1"=¢:tT?-;~1>~1'.*;-.~"~<-~ = 4' 11 I- :-. ".»"':-...*J%&~, -"53,"-"3." "*<>,-.-'¬-J; ' - " L _+- .- §;<- '=*-..¢'1%-".-. - - 1 -"'*""- "--W-. ~---~~'~1--92- - ~ -"-~ "~ ' .-ed: " " - ".-r.~92"-T-,' ' "" -= ' '1' -;. ' ' -
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- _'- ,_.rg<-J-. ' - 1- - _ I :4--,,-'. ',",:"'=_','" " Information concerning the $950,000.00 and $300,000.00 *5
received by Victory from SSY on August 15, 1914.9 and June 21, 1950.
has been set forth previously. BECKER was unable to recall why-_ ;-
Victory requested the sum of $150,000.00 that was received on July
19, 1950. He advised that Bmounte of $750,000.00, $750,000.00 and
$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 reqtlirements} "- "- - - '
.,, .." U .1.-,
BECKER advised that the $500,000.00 received from SSY '
on July 2'1, 1950 was for the "purpose of enabling Victory to make
a down payment of $800,000.00 on its purchase of the stock of
Pacific Tankers, Inc. from US-PC. Further information concerning
this matter will be set forth subsequently in this report under "
the caption "Purchase of Pacific Tankers, Inc. stock from USPC . E
by Victory Carriers, Ina - 5 '" '1 "-
BECFER advised that the
on April 3, 1951 from SSY was for _
Victory riarch 31, 1951 balance of $1,015,233.05 to fl00,000,'00.
This was in accordance with Vicbry's policy of reducing the balance
of its account at SSY to a nominal figure. - ' T"
- 7- 1..--. _
It is to be noted that Victory, as en individual.
corporate entity, had a sufficient credit balance at SS! to
warrant withdrawal offunds set forth in Schedule G. . .is-n.o a-as nr: ......-1-...-1 1 . 111...- FUUQL IVQ Y ILB
the purpose of reducing the -
Zacifig Tankers, lnc._ 0 =='--~ _.~ .- '_ ' 1.--- .0 ... .
sscnan advised that the $225, 000.00 received by Victory
-from Pacific Tankers on January ll, 1951 was for the purpose of 1 1
increasing Victory's working capital. The $225,000.00 was debited
to Cad: and credited to Account Number 5141 - Hon-Current Payables
to Holding, Subsidiary, Affiliated and Associated Companies. This
entry increased the Victory working capital by $225,000.00 since '"
the current asset Cash was increased and the credit was to a non-
eu;-;-em; rather than a current liability. 4 1 _ . ~ . 0. . 5 . . ml, 1'! -~'- -|., . -"""*¢_-'-*-'5""-'_","}._'-- _.=._ ~ . as - 0 ._-.~.,.-...'E.-'».<-;.,,,-_1;_n,.,¢;1,.,._
_.0_ -:.I'-'1.,- The victory records reflect that the $150,000.00"-reeifyed'rrpe1'ree1r1e Tankers on March 5, 1952 was in repayment er 000,0eisvaees by Victory to Pacific cn February 19, l952.,?" Ti-"*'. --?.?.¢'}_¥*3?§i§f_-
,_:=__.i'- 4' __=r<.~rv~- .. . . - - . 1 - r . 4 . .1|. .. I it y. axkf-'-. _ . . :_. A ,._ _-: , ._ __ ' c . 1-." v . _. 5 I :1}. - .,_,,-. 92* '_ ' ' 'e,'Q_ ',_"-'.- '5" --;'_._-'-R5. ' 1!? lk ., -*3 " .;'.. ._". - .""..'II."'-' - . " 5 ',; ' . ;_, ;',£%'_§E'-.g§"-.f 2:1" ._.e'_a._ . T"£k§
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.-.--._ BEKER advised that the $100,000.00 received by nae.from Oceanic Transport on January 11, 1951 was for the purpose 3
increasing Victory! working capital in order to qualify for f -__Maritime mortgage aid. The $100,000.00 was debited to Cash
credited to account Number S141. The effect of this transaction
has been described above, _ A, _y . _ _ , ~;2.,_..g-;;5;;;;;_A;"'j
' BEJICEH advised that the $300,000.00 received f:'on.*:;"._Z§?_"-:;. .
Oceanic Transport by Victory on October 9, 1951 was for the pur-"
pose of enabling Victory to make an additional payment to USPO
in connection with its purchase of_Pacific Tankers stock from
USPO. Further information concerning this mtter 18.11 be set
forth subsequently in this report. I . ._ T -
II-I'_lI-II _' I . . -,.. ~ _ . 4 "_ . 1- '.~ -,_, . . _.n p.92,., r _., . Q... .- ... - - -e - ----
The following ccmments concerning Schedule H are set
forth below under the name of the company to which Victory made
disbursements: ' . .
' . . _ -v-,_ _ 4-. ..wI I .I 4
Ho special comments will be ands concerning the in-
dividual disbursements made by Victory to SSY.
BECKER advised that the purpose of such disbursusmts '
up to April, 1951 was to furnish SS! with funds to pay Vietory'e
obligations and in maintain a high credit balance at 88!. BEKE
stated that beginning April, 1951 Victory merely advanced sufficient
funds to SSY to enable the latter to function as Victory's disburs-
ing ___ .-_-..~ _ , .,. »-~-_.r--';|_.- . 4 --. .-an-'1;-1e:-L.-."rI~¥--~{:' -Ie
I I , _ . . _-_ - V . _ _ V ' _ -_ , _,__ J. .3... ._;'».T_ :.. .1, _ ..
- an examination of the Victory records reflected that pay-nentl by Victory to IJSPO in amounts of $00,000.00, $3T!,955.5l§,_ l$300,000.00 and $100,000.00 made on July 21, 1950, ay 1, 19§1*,,e-in-._"._j92oetebeg-__9, 1951 and February 1, 1952 were for the purpose c_f_¢na§ing
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;-2+ |- 1- __; '1} J_ __ 9 e , - ' - e . .-: ?f1f;;.-;- _-..: Hnarter hire on the seven Victory ships was promptly reuittg _ ,.. " - " ' -.-53- .- -Q;-qugtlantica to Victol-'1. The records tailed to disclose;-..__,_ _ , -.. .92 1_- ' ° ' ' "'
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I I-.+->::5*-%.<~>~.------- 1 '-;'--:; - --' .~' -- 1-
"payments against the purchase by Victory or Pacific !'s.:11:ers'f,'_=',,';i--;§-,-',_I1;_§',';"-_
stock from usro. Further information concerning this matter -*--, "e-._-r.,-, i -
will be set forth subsequmtly in this report. -.' .,§.. "-.1.-;j4ff.}?-¢'<3-'3-f:_7,';"-1.-:"7.'- T 0. _ , . 1 .s I. . - . - :. .'.'a ~_...- .. " ' ' ~ 1.
-- '-* $100,000.00 oi the s200,000.00p=-qaeat Ema. 1-.15'i- in; 7,-_-g;-1'
1952 was for the purpose of paying the final installment on the
purchase ct Pacific Tankers stock. The balance of the $200,000.00,
together with the $150,000.00 payment of I-larch 6, 1952, was de- _
bited to account lumber 01$ - Holding, Subsidiary, Aftiliated -_-.»'-:.---
and iisociated r;ompsnies., ~_. .v. .. .. .- . _ ...." -...-_., ;'.... - -..,
_ _ .. , . ._ .. - ,
_ . . . .. _ . ,. .-..-~-:.' -.'--'1 .::.;;- ...; =.-..-c'~;~'-t.-.¢..-- >- .- - - . . - -'. 1- - * -Vacific Tankers i' ' ' 0 .._- ' ' ' -' '. :__ ."",_ _...._ ._ . -.,---_---. '~- ., ,
' - The Victory records reflect that the $22S,000.000paid'_f';
to Pacific Tankers on February 20, 1951 was tor the purpose of --
repaying a Pacific tankers advance in like amount made to Victory_
on January ll, 1951. _- _ _ .- -- _
the --count e ..etor' to Pacirie --Tenkers was an advance by Victory that was debitedior charged to ..
account Number 015. as set forth previously, Pacific Tankers
repaid this amount to Victory on Harsh f, 1952. - ._ -_ 4.7; _
Oceanic Trans ort _ _ __ '_ . _ _-_ __ _ .._____.._*__H:.§__:; .___'_ _ . a __ . -. __ . ,_ .
' The Victory records reflect that the Ql00,000.00 paid-¬_-:2
by Victory to Oceanic Transport on February 20, 1951 was tor the
I. .In
4~
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emcx rnon usrc BY vzcrom 0 -- -f , ,1, _
cmmmns INC. o - - --_ ._» :'. ..- .----= . .-q___ I _ r _r , l ___ __ , __ __ ,__._ .,_|____,__. T
Item B states that in July, 1950 Victorfiaurchaened T
the toci: of Pacific Tenkere for the amount of $1,E'>"?,000.00. 'This item mrthcr states that the down payment use B00 000.00and it was requested that it be determined Hhether the $00,000.00
was ever P&1d, H&l it a cash transaction and xhat was the source
of the funds. It was also requested that it be determined whether
the balance due on the stock has been paid. 9' 9 5 _ »
The USPC minutes reflect that at a meeting of the Board
or Directors held June 21, 1951 RJBERT L. BERENSOH stated that
veg;-nAl»1In¥92' Anal a_sA1IeQ eee92r|n-_ I.ssa1'r "Fade ihn -Q1- lei! 'l'I§n en ITIQCIAQQI la. ,J-I-95%| UL§UL¬ll§ IQ? J-J1 IE LY ill-9 Y ? U 92-'l"Y III IAUUUFJ U
all or the stock or Pacific Tankers tor an amount or not less
than $1,800,000.00. lilo further reference was made to this trms-
actlon in the minutes. _ _ L, _ _ _ _, _ _ -0 ,-
A
The minute book contained a copy or a sales agreement _.
dated July 19, 1950 between USPC and Victory wherein USPO sold
all the outstanding stock of Pacic Tankers to Victory for .
$l,8l7.9S5.SB. Ln examination of the Victory records reflected " =
tint the enreheee price oi $;,8'_7?,955.58 hee been nee ht Uieterv°-739° -' . :- - - - '
There is
and the amounts or
._ ,_ ._n-
set forth below a schedule showing the dates
the payments by Victory to USPOs 9 - -
mg uh, :1
p-<
-1.
S
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1'. ,_-".~_- 1- . , - e. .. .1-._. ;':§~ 3}!-"1;-'.Hr he-2501 1 0 p , " I.5, ' 1 0 - 0' ' "aairz-in-sen ~
..... : =T~.>..s-_<.- . As previously set forth, the source of the $BO0,000. _D_;1*.¥*;¢§- "_
. paid by v1=1><>1-; to usrc on .1111; 21, 1950 was a withdrawal er;--:11-;3;;,$800,000.00 or Vict0!'I from sex. -0 '0 . " 1 e
_ - . 1. _ - - - .- _ ¢ ;- .; . - -,1, _ _-P,, ~.'.,_ , .
0 _ As set forth previously, the source of the $300,000.00,-.paid by Victory to USPC on October 9, 1951 was an-advance of "
1 I-nan; 92921r an-amiss I'|waQan-nnnallv C-A "I -Alrpaugq Juana l'924al-eel-a-_ Q "' 'q_!vvvvv| WU BEQW II YUQQ-IILB JIIIWUIU U9 ILUKLJ ll Quit 11951. e as . s_
e- The -remaining payments came from the general funds
Victory and it was not possible to make a definite determination '_'
concerning the source of funds used to make such payments» .-. _-. 1 . 1_V _ _ . '1 .. ,!.;.. _____-_4_.';0 ii"
!'!ISCELLANH!'l'B . B _ . Que ._ ___'., .. ., --- - - ~~--~" ~
._ __" 4=_-mt some on nae I11 of Lieu 19;»: report dated 1-ny 1o,e1.,
' e e ed a sehedu e ' 1952. BA r par Exhibit 11, 1 of the
monthly balances of the S group and the foreign group, together
4 - with a consolidation of these balances. At the time this exhibit
was prepared SS! had not obtained permission to mice available .2--r
the iecorde of i';'2"11'n i|'1.l'92R, a ienher of the foreign group. ~
- '. On June 21;, 1952 not F. 1111.1, ssx Controller, advised . 0:11 that permission had been obtained 1» make nmnmm recordsavailab e. SAexemined the ERIHAMAR records and adjusted H
Exhibit H to include the ERIHLMLR monthly balances, which necessita-
ted adj uaheents for the months August, 1950 through Febmary, 1951.
' 'ihere is attached hereto Exhibit H Adjusted, which contains
' the data eet forth in 1" hit E plue the inclusion cf the acnthly
balances of the ERIRLMIR account. _ p
-- rel American Steam- ' ship d the writer p92>'1c»
in the presence of his attorney, Eiia JLTITSS, of Breed, Ibbott 4-
and Morgan, at the office of instant ccaspany, 655 Madison Avenue, _.
e I-w York 0111- .. c - 0
V adtised um he_became affiliated 11121 cent;--1_,>- _e in rican' §te shi agency, Inc. in the capacity_ Q ~_His duties s co en ave een mainly
H o c anager. Be advised he has no connection with _ -~ - goloanies in either the USPC er ARIOHA group. ;_,_-..;;f_;¢:-:0-_af?:;p__
-1 e 7%?-*.£'Z°i??="*-'.~'_:,n_!.5'."a*=:@<t'=.?.~lu°§fff.*s-is»;-"@=~'.e. * -1- ; 0?"-n '~ - -
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-::= 0 -.1» -1"-0-'~£?<t'* "- - :r.',,'.';'.-'7' _':g_ . ._ .4 -1_,h,,,l2, 1,. L . _'.'; .4r:.__7_- - -V. . .. - . an 0- .-.,. V _;_.
- l.e.1+§<?5°" ' e . 0
0 ' 7'3? He examined a memorandum dated December 29, 1950
addressed to SS! which requested that the attached caehier'l_.,*;;e.-;;..,"J |v~
'92
lower lof -hand corner of this memorandum are those of GIDBOB_5;;;y,. _
0031513 and himself. He advised that GEES}? 00£HIS handled
the financial transactions of Central American Steamship Agency,
In°O' ' -_'.., - -. - . I-:1 .- _. 1,».-'--. -2 -.- ._ V
_was unable to recall the transaction set forth 1,13,
in the December 29, 1950 mennrandmn. He claimed he had no infor-
mation concerning the reason for this $700,000.00 deposit at SS1.
He further claimed he has no information concerning either the"=¢-
IJSPO or ARIOHA accounts. . V y_ _ __'___M___ _ ,_
. On June 30, 1952 IICOLAS OOEKIHIS was interviewed by'_-,1,SA Ed the writer in the presence of his attorney,
EJUA . SS, of Breed, Abbott and Morgen, at the office of -. »
Central American Steannhip Agency, Inc., 655 Hsdison Avenue,"
low Iork City. OOKKIHIS advised that he has been President of '
Central American Steamship Agency, Inc. since February, 19!|,'!.
He has also been a USPO Vice President and stockholder since
191}6. . ,' V ' . 1'. '~"__ ;"_;, 3' H. - _V '_ ,:' _- ' . .-
-1 _ __v Ji . __ _ n._,_.=.__ ._ " _ - - _ __ _-., ._. --._. _- _ __' ._,, -__. _, . ,__ *--'--"" "-' "'-;'?'---_§;;; ~ ' -» -I - I v'j_-_----
J.dated Decedaer 29, 1950. He searched the Central American Steam-
ship Agency, Inc. files but was unable to locate additional .
correspondence or documents pertaining to instant memorandum. He
stated that HASSIS was in Iew York during Deccsber, 1950 and may
have issued verbal instructions to Central American Steamship :
ageney, Inc. to forward the $700,000.00 to ssr. COEKIHIS advised
that Central American Steamship Agency, Inc. is the agent for the
mpinic in the AP.l0!!.i groan. " _;- ' - - .= »
He advised that he eonld furnish no information ooncern-
ing the purpose of the $700,000.00 credit to_ABIOI§IA's account at_SS: DH DQGO&I1' 29 . -~_.<7~~e @514;-_P -.._;.'-_.~|-i:Ay...',;1.-.-"_92_.'.-'7.- -
- A 00311818 stated he was aware of the fact that Victory-,-_o....-.-'__192 "
- -"_._.-X 4- s ... --.--1 a _- -.c___ -7 . ,- - _ .. _ -_, i -_ " -1 -_-~. I 7- ;.s. - Q. . .1 . _ .._, -~_ ¢ _. v. ' -¢l92;.w'Y ',- 'q'392. ' '~ fa -G 1 - .f __-"r~_ 4, - -qI~921 - ._> . -,1.-. ---g-.£_92,:~~". . _ . -__ "._ 34» -vi
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. 1 "' r: -. - ..- : :- c --.- .~ _ ,2: :- .,._V,._-_af~| -
'i_, . _ _ ' ' _ I - 8 Q _ ___ _~__~_t,,___.;__ _____ . _ _, .
pF 1 .,_ .- . _ 0. _ . _ _. _ . , - . . 0 , _, _ ,_,_ .. -,1 . .._... 5-, .
A e~ne: e92g-u-e-u-1r'wr-_-!- n""'$-"5'. ?'?'iI".92¢-F-rw1qrega~I-I-~-wewp-Q.-.-g_-.-...__-,? ._... -. . .,',.'-,._.
J Q I - 921 _ ' 1 ... J .1 a J I "'' _ _ ., ' _ _ ' . -1 ' - Q_ . i - _ .- . - -- . I - .-_e - --' ,-- . -- - - . - ._._:92- _.. .. .= ._--'-. ~...» -. - .~""f $__ - i r : - E. - _ ___-. ._. '7 ...__ __ , n 4.;;- _ -y. :_ __r _ - -- __. v ,. : 9 s u- U}. - _q_-,_ -E... ._.s_.-_4, .check in he t oi $100,000.00 be credited to the ARIOHA "account. advised that the initials appearing in the - B79
Y had large credit balances at 88'! while USPS had 0OI'relp0nding1,'_*?='-'§_-
large debit balances. It was his impression that BEPEHSGI L,
" '~~ " " ' . - .. .- . ...=;~.-@:v.1-.1»-'t<.3" so
i_".f}."'d" o0"xKnIis' 0s'£'a1-0.3a0Ei'n.a"a6 isaeisxeeclee er "nae memor£i1'd;0i::' -
9
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1': '_=='~"-7."-1_:--"5"-.'*$.. .19 - F. 7"-.?ir"i ~ 1..-Lf;Z§?l.'Tf $-2'1?
. -- __ __ _ -.- .¢'».;._.:_ - _: ly '-
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, ii i faiiigi, i|ITJii.._|..e9292.-_.;1*1r_T'I~*
maintain e Ietcredit balmce at SS KKIHIS stated he obtain"ed7 155*
thie impression from eonvereatione he had with BEREHSOII.--}
= ,:?-J--. "- COEKIIIIS stated there definitely were no 92rr:i.'l:tet92i§r:e-"'f~*%.?».
nente between SSY, USPO or any member of the USPG group, he Tf§'I
advised em: ssz did not have a legal right to offset a v1eto£;",-"3"-,-,::
credit balance against a USPC debit balance, 'He stated_thet,~ 1f+~-'5"
a member of the USPC group having a eredit balance requested 1unda.L.
inn 55!, 55! would have been required to honor 4:-hie reque:t'rc¥?f."t
gardlese or the amount of the debit balance in the aooount'i1e5!i~s%>'*_»-'5;:'¢".
any other umber or the USPC gmup. OOKKIIIS stated, ho1-rever,'"¥_--,;'_1 .";
that to his knowledge this situation never arose and he would have
considered it unethical for any member of the USPC group to adthi-~.-g
drew funds from ssr 1: such withdrawal enuld place the usrc group I
as a package in debit balance at 38! - .. :1* -'*=";-1""="-=¥»'-*==s - " "_ . -~r_57..e§"'H~."' ~.--u¥,5~;---- - 7 - '- f-I. I - 92.- ',. 1' 'a-. e. __. . -, ..-w . ._ 1 _ .- -
""_"3" "*j"""'l.. _ ,. ,. _..-x<..;,':-;;*:";- - - ~-
;'i.I92f!8:IlI.|'_l!I'92|iI92lP ull-92-92 QQYnan-anew...-v weaeaaunqen-e5 II, use Baa;
-' P ¢m ., VS3":-I__ _' ; comnzxs stated um; to his knowledge there irae
-' understanding that the ARIOHA group and the USPC zroup uould ea". 73
considered as a single package by 88!. He advised that lost e£.,.Ti-"~§z_T"..
the funds fnrniihed by LHIOHA to SS! were furnished directly 'Y'_.? _i_i
- ARIOHA rather than through Central lee:-iean Steamship A'geney,'j "'2"
~ .
_ . ., _ . . . ., . .. -7,. , .._,_. _.,,:;_-».._ ,-.- Q-. - - - ' - . .._ . J. ..;. ' .-,.-. . '-:,iJ.;-.~-.'-4.- ._ __ _ _ . . l ,_ ,_ __ __r __ .__:,, 92,_ - .._-_;.-___.._._ ._.
é §¢1<°$?RF-U21 P9 P-"R112 .- -. -
- '- - ' -. '-:;" --.- 5---3*:-._<=-'.---;-.-.--. -
" l. Photoetatic copy of a memorandum dated December 29, 1950'
inetruding SS! to credit attached eaehier'e eheck oi Rational City -
of iew York, nuinber IT 355121, dated Tvecenber 3?; 19§o."ee";1.- " ,.
the 1111081 account. A photoetatic copy of eaehierie check Pi BS5121
it *5" "-92=i-
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TRADING co 1uc.: ET AL 2__ __,_., e.-,.-..... ...',, _ _; _ . -_' .4 .. _=w={~="=' i";:"d' 31-;"{_--'?;§_' i
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. _ 92'lI1t»U¬l'l summary Of egO'518'51Ol1 8110. B818_-,1-.-'{+Q*"'f,__<1;_f __-_-H :.- / ._ - 1? F'92&4w4A!-"1-E;
"'M7/ United
5?" 'I 1 a.92...4- A-92..~ .1--1 1-1.. 4-A J all lvgg Ulla! III: 92hL92vL= DU
of negotiation concerning~. two tankers from PTI. -. .
¢¢_ .. -a.-. _ .' L;.' 0 Q -/11,...-,,¢,%f two tankers by PTI to USPC in 1949 _ob__-__,~ri;,§-.¢?;_1§a;,-=1,1;ained from JOHN A. moons and set out.;,,-i:i»;;g._;;i;;;;n1.é1;-_;5,;,
ROBERT L. BERENSON, president, vsrc, 'certi.-rt,.i;-%§§'Q?-_§f_ ;.;--_Tied that he was a citizen pf the UniteH".;i?§i2T§E"§¥;.£I§";;--*'nStates; that the president and .managing_e;i_=~*?§?!'
'directors of USPC were citizens of the-.>=:»'- L .T3o_l"*.": .1h-§'»;1£1,--qr
States; that the controlling interestg=»*;;_,;'-f5¢%__}--_;-;;,_,
is owned" by citizens of the United §5.;:=-;g;';¢gi$§*f-c-
a majority_ of they'7 stock of USPC is vested in citizens of the!?"%i."?§i§?i-=_-_";==af.VrUnited states, both at the beginning and end ~iY~i~t:é,=.-._;.=_~Af<--'
purcha se by USPC qt . .,- -.-.. . .. 1-- ., . I _. .?:"2 jf'§?..:.§"-:.,.f:'.?, i,'f,'.: ',92
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- JOHN A. moons, President of Joshua He y <> rat1pn;_;;;;,;__-_
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2;; 3 and Chairman of the Bog? of Directors, Pacific ar Ea -Line} *Iia*-;;¢§§;__d 92, Inc., Room_312, Gen r9 7Petro1eum Building, _612 South Floiqer Stree ---- 4 ' --"'1"-'92.~ ..~- , 4 - - .
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LA 1:5-2054
4| Nr 1:g -
L°§ Fgelei Cal1fprnia,_stated that he had reviewed his fi1es".-j-
and nan prepared the following written summary, the original of
which is being maintained in the Los Angeles file of this case -
n .........,Pacific Tankers, Inc. was organized in May, 19#3 _
for the purpose of operating tankers being constructed
V - by the War Shipping Administration. ~ ;-- M
"The officers and directors of Pacific Tankers, "
Inc. were as follows: 3 _
Directors: S. D.
K. D.
1 0fficers~
I
NAME 92
Federal Engineering
Corp. Subsidiary
of Standard 011 C0.
K. D. Dawson 4
*_. =;_,_- .. .- .
s. sl Fechtel '
_. ,._~. a.
.¢some St., Ss
some St., Sa
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"Los Angeles lifornis _
- ~ J01? 3, 1-H _-- -- - "-¢ -~
Bechtel
Dawson
McCone
Hanna
Sexton
Dawson
j Q ' Under date of June 7, l9#3, the following stock was T'
issued: ,
£22B§§§ 5
w_.._..._.. ......- ,. i_.,__. ..,......_. ..... .....-....- --
222 Sansone St., Sa
I. Q. Sexton _ _ 222 San
155 San...I|IM N!»-I ... r .- ..~.- ...:..
- "' _L _.
av_, -. ...
. K. D. , President
A William T. Sexton, Vice u
President D A
Arthur A. Layne, Secretary V
Treasurer
Harold E.-Hedrick, Assistant - -
Sectry.-Treas M _
SHARES ~
225 Bush St., San Francisco 6,000 mr~
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John A. Mccone 601 west 5th St., Los Angeles - H "'
_ - .'. ,, .7--,-c,..~. V - '
i < - "The first vessel was accepted for operation on {i*¥f§}%
y July 10, 1943 and between that date and October 31, 1937;? Ha_tota1 of 129 vessels were accepted from the war Shipping-fie
Administration or its successor, the United States Maria -'-f
time Commission. Operations were carried on under a General
Agency Agreement between Pacific Tankers, Inc. and the ~ -- war shipping Administration, dated May 19, 19h3, contract ;»jNo. WSA- 9&2. e - --- _ __ __ _1____~__ __ ,,_ _ _ ,._ _ __._-...e.... ..-¢--_- -,---_._~_- - -y
"The peak of the operations was reached in October,flgh. During that month, there were 81 vessels in opera-f;I t on. I _ a _ ' : . .. "_u
. ' . 0
l ~ "Following the cessation of hostilities and a re- _ _
duction in the requirements of our Armed Forces for the ,"__ '.transportation of bulk petroleum, the Maritime CommissionA5Y>
. made available a considerable number of war built tankers -;'
to American companies who desired to purchase such ships Tf
under the Ship Sales Act of 1946. These sales were started.T-
_ in July, 1947. As a result of these sales and a decrease =--
, in the need for operation of Government owned ships, the -ggéé;- size of the operating fleet of Pacific Tankers, Inc. ', T
- gradually decreased. 1 - ~--~- "=~ *-=
, "At this time, the Net Worth of the company was as -
indicated in the attached Pacific Tankers, Inc. Balance 1 "
. , _ _ _ _ A . ._._._,_._...-..i -s-.--is_ - I I _
ll= It should be noted that during this period, between
July, l9#3 and July, 1947, the earnings of Pacific Tankers,.<;. Inc. were about $640,666. it had been the intention of ~e'*' "
certain stockholders of Pacific Tankers, Inc. to continueJ W;-L
in commercial operations after the war and to that end ;;jT,QL
-,» plans were made as early as l9h5 for the acquisition or;f?jfN;
,. tankers either by purchase or by new construction.r~"e~ * * * J
.q--- ..- Numerous events took place affecting both the ownerg§§§t4-
ship and the future of the company. Hr. K. D. Dawson; 'i£?4¢@w'~ _ _ _ __ ' _'_ _, .; .-._..'-"....=--.-'-- :1-04v-..... as ~-_ ~- -~~~-A -.*w» t .~tnzn». n - . » - __ . , 492 _
__ the president, died in 1947.. The Federal Engineering'*W teaser
¢ _ fornia!, owners of 60% of the stock, and also Mr. U. T.3%?,,sheet of July, 19u7_ . __, ____u_,,,;pH_ .,M-i;c;a;;&%,q.-
. orporation is subsidiary of tandard Oil Company of ¬s1i§§§§§?f
'1-.~ -I
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LA 116-2051: '-'->1;-:5-.. .-a.-.=-. _ - _ , 1 ..___,_..__.._p.i-Q _' - - ,,.. . .. 5 -. -P -,"-".~3*-'.':.."-:r.§-=~..=-. _ _ e. 1 . - :-. ~ ._-_ ;-*3 -:__l,.~ 3' '. .>'~' '----»- t Q-'_ '; "_ g g _ __ __ ,_ _ .- . ,_ _, F -;>H___. 92 *, - _1a..,.'-.."''-;-.»-:' "New stockholders, including Mr. John M. Franklin,g§;:g3»,_ United States Lines!, Mr. Edmond J. Moran Moran Tow-:$1¬¬" ing & Transportation Company!, Mr. Clyde E. Weed Ana4Y~**iconda Copper C0,!, Mr. John L. Simpson J. Henry Schroder;E~-. Banking Cor oration!, Captain T. Reiber Barber Oil" -*;ggT-Corporations, and others complete list attached!, ».3,,;;},. acquired various amounts of stock, for which they sub-;Qi;Q Q;- scribed in cash. ' I - - -" 0 *._ .,__<. 4». __*'_ '-~_-- _ M ___ r__-_' V _. ,.. ,,-.¢.A_.-. 7... .
"It was decided to acquire two T-2 tankers which¥**f* were offered for sale by the*Maritime Commission. HOWr3f¬Z*F ever, the directors of the corporation were cognizant-»~a»~~-r-Y-. of the Maritime rules concerning the net worth and working _.capital position of any corporation acquiring tankers, - .=_ and it was then recognized that Pacific Tankers, Inc,, ~ H. even with the new capital subscriptions, did not qualif;. k
"Therefore, it was decided to merge the Pacific ._;,;Tankers, Inc. company with Industrial Equipment Company,... -
a company owned by Mr. S. D. Bechtel, Mr. K. K. Bechtel,">; and Mr. John A. Mccone. _ _ ,,_pJ,,,
"After these transactions, Pacific Tankers, Inc._was -4of sufficient substance to qualify for the acquisition of_,*> two tankers, having a net worth of about $1,850,000.00 <<;Y -Y _ _ and working capital sufficient-to meet the statutory re-A_ _
quirements. ' "'" "-u
' ' .. _0 _. » --.. _
-. is attached a Proforma consolidated balance ,_;;Q _sheet as of February 18, l9#8, the Auditor's Report there-on being retained in my file, and also a list of the "Qjgj? ,'-r~- ' stockholders of the corporation after the completion of ,._" "' the above mentioned transaction. -7 There
. _ _ . .._ .~ X _ _ . _.., !'-- ~l 4" lllru.- _ .l__ --_... __ . .- - ._ _... - " 'w 1W0 ships were purchased, the MONTEBELLO HILLS and*f5iH ' the McKITTRICK HILLS. The transaction was covered by H }-¢_@~n-_ Contract McC-61065 between the United States Maritime
_H,.¢ Commission and Pacific Tankers, Inc. The purchase price._.,;-1..
O
_. _ _ --- 92-'
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.. vssssz. P _ " aa¥i&:.£ runcrmsa rnicsl-%?~1**is?"=*-1%'1*¥"
e __ McICIT'i'RICK nms rm Hull isln! erwon $1,'ro'r.19a_.23?§;§§*§
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