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BN | “ee o NY 46-2507 . DEPARTMENT ITEM NUMBER 42 In regard to what portion of the funds secured under the refinancing of the American Marine Corporation tankers BATTLE ROCK, CMP NAMANU, and STONY POINT, was used by USPC to retire the debt to ARIONA, the following facts have been developed from the books and records of USPC and imerican Marine Corporation: On January 19, 1949, .imerican Marine Corporation used approximately $300,000 of the funds secured under the refinancing as a partial payment to RIONA and also paid USPC approximately $375,000 on January 7, 1949, from those funds, It is noted that the foregoing figures are shown as approximate amounts because American Marine Corporation had on deposit $138,174.99 in the bank account when the American Marine Corporation bond recoipts were recorded at the time of the Bale. . , The records of USPC reflects that they had a balance n their National City Bank regular account on January 6, 1549. of $552,951.67 and paid ARIONA $690,793.81 on January 6, 1949. These records also reflect that $375,000 was received from american Marine Corporation and deposited to this account on January 7, 1949; therefore, a portion of the $375,000 received from the refinuncing by American Marine Corporation would have gone to ARIONA through USPC.