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" m Agee "Le a % pe rena e wT LAeerce 35 we Pr ne) alysis a Ste Mah alah ike a AM va fee SpE Hr ee we ho 7 ay ' . fr hag ae decd tia eae A a Ey Te, ue i Hy \ ede de arian de, vith dar ae ay RE | “" Se hae a <a Seek deendian aaalinal anaes Ted tb a dacn acide mete adhdaant ana a ~ - Doe - ee 2 ae a a a Re i ane le . “te ta Oe = NY 46-2507 DEPARTMENT ITEM NUMBER 69 a This item requests that wo ascertain why all of the stock of Pacific Tankers, Incorporated, was transferred from USPC to Victory Carricrs on June 21, 1950. The following investigation was conducted by sa(a) bh It was-observed from an examination of the minutes of USPC that at a mcoting of the Board of Directors held June 21, 1950, ROBERT L. BERENSON stated that negotiations were underway for the sule by USPC to Victory Carriers, Incor- porated of all of the stock of Pacific Tankers, Incorporated, for an amount of not less than $1,800,000. No further reference was made to this transaction in the minutes. The minute book reflected a copy of a sales agree- mont dated July 19, 1950, between USPC and Victory Carriers, ‘ Jncorporated, wherein USPC sold all the outstanding stock of Pacific Tankers, Incorporated, to Victory Carriers, incor- porated, for $1,877,955.58. The Cash Disbursenients Journal of Victory Carriers, | ~ Dyeorporatva; roriseted-that on Jury 21,°1950, an amount ~o EB pretties €800,000 was paid to USPC, The records failed to disclose eny further payments mado and as of December 31, 1950, the books reflected a balance owing Victory Carriers, Incorporated, to USPC in the amount of §1,077.955.58. HAROLD 0. BECKER, assistant Secretary and Treasurer of Victory Carriers, Incorporated, advised that the afore- . mentioned sale was madu at his suggestion and gave the following reason for this transaction: USPC had advanced a considerable amount of cash to Victory Curriers, Incorporated, and desired to recoup some of this cash without disturbing the net worth of Victory Carriers, Incorporated. The salvo of Pacific Tankers, Incorporated, stock by USPC to Victory Carriers, Incorporated, enabled USPC to obtsin cash without affecting the net worth of Victory Carricrs, Incorporatod,. 21h. 2 ee .