◆ SpookStack

Log . . ‘ ¢' t : a “4 wy Wb-2507 TT * Sr 4 to" purchase or charter any vessel under ‘the above ‘contracte,*3 va oS 5 ‘has been repaid in whole-or in part, end no salary at a rate tt;3/:: 3 _4n excess of $25,000.00 per annum has been paid (except, as’ PE at show in the attached statement, dated wesseserse det hea Uk? “set mange (ek Obes es Tones : oS eh. Tee a If any of the ‘transactions set forth in paragraph ~7) 32. 2 two were consummated, Victory was required to attach a statensnt . setting forth the transaction cr transactions that were .> 2 7" consummated. It was permissible to conaummate such transactions” zs provided the net worth and working capitel met the maritime .. 7. faa BT gana Ges, requirements after such transactions. oars meron scales paneer cane s There is attached hereto schedule B showing ‘ylotory eo ve cash disbursements during the period January 1, 1951 through L re _ = January 31, 1951. As shown on schédule B, the total amount: *-. = - cash disbursements was $1,576,603.67. Schedule B also reflects - : oF that $1,295,000.00 of total cash disbursements of $1,576, 60367... rid: consisted of “payments to S8¥. ae visi Pears pt ge : : . Lar t-5 As shown on achedule A, the effect of payment to ssY. < re & - was to increase the Victory credit balance at SSY from 677, 12.18 ie as of December 41, 1950 to #1, 726, 671. 11 as of January 31, Agsi.” | An examination of the Vietory affidavit file reflected” . that on February 9, 1951, H. @. BECKER executed the monthly - ae ys . Victory affidavit for the period January 1, 1951 to January $1, : ron 1951. In executing above affidavit BECKER indicated that none ‘ Pn of the transactions contained in paragraph two of form MA-U6. a had been eonsumeted curing the period Januery ds 1951 £0. Poet ae = ee ee ee Eee Eteh ond Sd Remmteem camieamth tector Soa An examination of the ‘ttens set ; forth « on “acheduie. ry ron aoe ; reve&ls that none of thease items involve transactions set. forth ~ in paragraph two of form MA~l6, Therefore, the above-mentioned” a Victory affidavit appears to be valid. . Ses se s Se a _ non ie ne, Sein rn Pe av em to he: Praee ove eS oot It is to be noted that there is nothing " contained on | 7a i ie anes teat shee net worth except insofar as working capital end net worth would ©:- be affected by transactions set forth in paragraph Bape 5 tect St ee eo tae + er Victor 1 Cash Position as of December’ 1, 1949 ‘and June 36, 19 Ne My ee yn Item fout atates that Metory file! gener fibencYad r He oe “Eke. ER, F Es oe) : ies Pe PSS tae aes elt se AS # Sap Sheree Caneolais a siete Rta ec ince a seneoee ete - eit form MA-\6 that refers to cash position, working capital and °+ -Sgphe! =