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ot * fo "b) In selling-to United States Petroleum oo ae Carriers, we were concerned with the ; 2 ag citizenship of the acquiring corporation oe and secured evidence that the acquiring Ee entity was an American citizen, as de-. ody fined under the Maritime Act of 1916. We 7. ‘ furthermore explored the transaction from oss & legal standpoint, as well as our —_ : RE. national interest, with the officials of: Sage the Maritime Commission, including the ok -chairman, and secured unqualified approval ge of the transaction prior to making it. yr "c) Prior to selling the stock of Pacific Tankers, 7 po Inc. to United States Petroleum Carriers, Inc., Sy Bet a reduction in the net worth of Pacific 2 Tankers, Inc. took place through the retire- es ment of a certain amount of the outstanding sate stock. There remained in Pacific Tankers, a4 : Inc., prior to and at the time of the sale, tae a net worth of $2,000,000, which more than ~p #7. met the statutory requirements of the Mari- ae time Commission as regards both net worth { and working capital. Therefore, Pacific | Sees Tankers, Inc. met the requirements of the Maritime Commission as to net worth and working capital at the time of the sale. . qo bavi ar ae eth} /8/ John A. McCone July 3 1952 ry " Witness: - ia’ ~ mM ! i 1 eae Bae eae roy ee a ge see fae # at othe Tereace M. Lee + July 3, 1952" Pe) Mr. McCONE made available his files concerning this _ 2 transaction, and the following documents were photostated: .- - twee - - © AE | 1. Pacific Tankers, Inc. Balance Sheet, Ke dated July 31, 1947. aa oe kee . TT, rr rrrnnrrtie Y Mes 4 no . 7 a Sy eh ane > . o