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t j ? ' t f I ! I ' b a ERC i Roahts abe NAO eit Sane ty t capt r™ I P Fall — NY 46-2507 re ey a! . : : ‘wording in the rough draft copy with the exception of the* peragraph referring to ONASSIS. The name ONASSIS is omitted =" and the paragraph is changed to read "I believe the above | fully expisins the position of the two companies and you ho. doubt will be able to arrive at a solution of your aifterent | wy tee problems, * wo ery mine the work sheets pertaintie ¢ to mS ae Exhibits ough #9 and also typed so iiie othe work = 2 tk sheeta.- As previously set for), <a that ra, PR Se BECKER '8 handwriting is contained’on the work sheet copies of - o the above-mentioned Exhibits. Before commenting on these nn Exhibits, the following remarks pertaining to the charter bee errangements of USPC and American Marine Corporation are being a get forth. ; x As previously noted, the original USPC charter arrangements for the Tankers CAMAS MEADOWS, FORT BRIDGER, LAKE GEORGE, and ARICKAREE would have, according to BECKER'S — computations, resulted in an estimated profit of §7,3)1,767.00 for the year ended December 31, 1948. However, USPC cancelled the original charter Sereoments and entered into the > Following agreemontas . 2 UPR LT Ee, “the “GAMAS: qEbOWs “FORT “BRIDGER “and. LAKE GEORGE 1 were time chartered to PETCAP at a monthly rate of $2.70 per dead | weight ton. In addition, Miraflores entered into a guerantes agreement with USPC whereby under the 3 time charters, the net of charter hire and vessel operation expenses would be at least equivalent to the revenue that would accrue to USPC under bareboat charters at the rate of $1.00 per dead weight ton per month. The AHICKAREE was bareboat chartered to PETCAP at MI Taree ares the monthly rate of $1.00 per dead weight ton. . ‘Ss examination of the USPC books end records by. be i SA ommes:: May, 1952 for the period 1948 through 19s,” | Bie reve that Miraflores was required to remit to USPC under ~ gene an the guar rantes agreement for seach of these years. Therefore, oS he the operation of the vessels over the } years was, in effect, i. “oF a bareboat charter at a montiy rate of $1. 00 per dead weight MeLee ’ an “ ‘ foes ; . . OE 43 a * jee | Pane aK bee ear : a we AE ee, a wa ot at Se TO: “ss See 2 eT ra reer ee ™