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= ae L & : Under the term, of the settlement agreement, the Government will - receive $7,000,000 vhich will include the paynent of $6,600,000 in cash .. i and the release by the Onassis interests of elaims approximating $400,000. . " An additional sum of approximately $500,000 willbe paid to mke up arrears = in principal and interest on butstanding Maritime Administration mortgages i against some of the vessels and te bring payments on the mortgages to a & current status. The domestic corporations which own the vessels will remain ‘b obligated for mortgage balances of approximately $5,500,000. ak The settlement agreement also requires these American corporations to : . ¢ be reorganized in such manner as the Department deems necessary to insure _ = American citizen ownership and control of the vessels. ‘The reorganized = rg companies will be permitted to retain the vessele seized for forfeiture. : rs In approving the settlement agreement, the Attorney General stated that Ss y the statutory objectives of the shipping laws vill be accomplished by baving a [: the vessels owned and operated in the future by corporations vhich meet the = : citizenship requirements of the shipping lave and registry statutes. At the tt sane tine, the United Btates will receive paynente of $7,000,000 based on 7 i fhe Attorney General also pointed out that by being kept in operation, a a rather than being forfeited, the settlement carries out a basic national a defense policy in that the vessels will be maintained in ready condition in ue the event of any national emergency and the Government will thereby save the 75% 7 substantial coste of lay-up in the reserve fleet and expense and time loss of ~ lee reactivation. Lay-up costs are estimated by Maritime authorities at about ne $30,000.00 per year per vessel ~ reactivation cost estimated at about : : ‘s . 2. eh . ee Mates f ee ean 0 tell 8 i