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NY 46-2507 . Trading Corporation ond the purchase by Metropolitan from time to time of 34% sinking fund collateral trust bonds totaling #22,)00,000.00. These minutes also reflect the purpose of the above #22,4.00,000,00 bond issue was to pro- vide funds to loan Olympic 011 Lines, Panama, S, A, These loans, dated as above, were approved Dy the Board of Directors in a meeting on June 19, 1948. | The minutes of a meeting of the Board of Directors, dated Janusry 16, 1919, at which were present BuRENSON, COKKINIS and BARRANCO, reflect a proposed loan agreement dated December 1, 1946 was presented to the Board covering a loan by Olympic Trading Corporation to Olympic 011 Lines, Paname, S. A. This agrecmcnt proposed that Olympic Trading _ Corporation would loa the Olympic 011 Lines sums not mre than #9,709000,00 to enoble Olympic O11 Lines to finance the purchase from ARIONA of a steam turbine tank vessel named the OLYMPIC GAMES and olso the interest of ARIONA in a contract providing for the construction of a steam turbine tank vessel, Builders Hull Number 4h69, to be named OLYMPIC TORCH, and to finance the construction of the OLYMPIC TORCH, A resolution approving this proposed loan agroement was passed by the Board of Directors on January 18, 19h9. The financial arrangements entered into by Olympic Trading Corpq@ation in connection with the loan agreement of June 17, i948 in the amount of $22,400,000,00 and the loan agreement approved Jnnusry 18, 1949, are set forth in knclosure Number 17 = Enclosure Number 20, TheSe enclosures were made available by NICHOLAS COKKINIS and set forth in detail the entire scope of the financial arrangements involved, In connection with the aforesnid fin ents, it is to be notcd thet Advis e entire negotl: eading up to Metropolitan's financing of the aforcsaid vossels were handled by ARISTOTLE OBASSIS,. | COKKINIS ndvised SA( 4) > is be a fa the only purpose for the organiz on of Olympics T rading Cormoration was to ossist Olympic 011 Lines in financing the tanker construction program. He stated tmt no assets of USPC and its subsidiaries were committed to re- pny the funds borrowed by Olympic Trading Corporation for the construction program of Olympic O41 Lines, be. * ~ ‘ -151- . ng y