(Q) Why does Mann of Zonite hesitate to close the deal with
McRoberts for Paris Medicine Co?
(A) Again, questions are being sought that are inappropriate
to the conditions. In the Paris Medicine deal there are MANY
conditions to be considered. In the actions of Mann there is
seen the reflection of conditions actually existent between
the banker groups, who were to FINANCE the proposition, and
the individuals AND their FINANCIAL standing or rating at the
present time. The change in the quotation, or quoted value
of stock, of stocks, has necessarily made a change in the
position of individuals. Mann acting in the capacity, has
to REPRESENT both sides of the question! A good deal, as has
been given, is stalling - hoping that, with the conditions
existent, with the holders of the Paris Medicine Company
stock, may be induced by the situation as is seen in general,
and the situations specific as regarding individuals, to
CHANGE - so that there would be an approach from those to
form the basis for a new contract. See? This, as is seen,
is WHY the action has been as it has.
(Q) Shall [
257] bring anyone into the deal at this time to
assist Zonite to buy Paris Medicine Co?
(A) Not until there is the indication from either the Zonite
interests of from McRoberts that such is desired, for the
condition of presenting such would be JEOPARDIZING the
interests of [
257].
(Q) What will be acceptable price to Grove now for his net
receipt?
(A) This has been set, and it will be held for that until
there is a DEFINITE offer made, which will THEN be refused -
but the stock, or the AMOUNT of stock, may be increased,
while the amount of cash may be decreased.
(Q) What plan should [
257] follow now to successfully close
the deal?
(A) This has been given, and has NOT changed.
(Q) What is Mann of Zonite willing to pay for the company
now?
(A) That agreed upon, provided the arrangements can be made,
or provided there can be more of a stock given than so much
of cash, and this would be agreeable on all sides; but it
should not be broached by [
257]. It should be an agreement
from either McRoberts or from Mann.
(Q) How much cash, and how much stock will Grove take?
(A) As has been given, it may be decreased in cash and
raised in stock. As to how much, that would depend upon
the circumstances and the time under which it would be asked.
This has been given, in its relative ratio.
(Q) What price will Zonite be able to sell their stock to
the bankers in order to pay Paris Medicine Co?
(A) Not NECESSARY that they sell their stock. May be
necessary to use their stock as collateral, but not as
SELLING stock.
(Q) General McRoberts desires to submit the figures to
Standard Brands. What effect will this have on Zonite deal
on which [
257] holds signed papers?
(A) THAT, as has been given, should be left more in the
hands of McRoberts. [
257] NOT joining in on same, until
agreed upon BY McRoberts that [
257] is to still retain the
SAME contact, or agreements, as he already has.
(Q) Has Grove received an offer from Drug Inc. or Lambert,
or anyone else that he is now considering?
(A) There has been some talk. There has not been a definite
offer made. There is possibly basis FOR a consideration, but
NOT in the very near future - unless there are some great
changes from what the present conditions are with either.
(Q) If present plan as worked out in Mann's mind fails,
what should [
257] suggest to do?
(A) It isn't [
257]'s time to suggest, until after it has
failed. Then, when it has failed, will be time enough to
know what to say.
(Q) Will Zonite finally buy the business?
(A) Why ask the questions both ways? Either sell it to
Zonite or quit trying!
(Q) When may we expect deal to be closed?
(A) When they've gotten together and agreed on the plan!
(Q) Will [
257] receive the amounts already agreed upon in
writing?
(A) Dependent upon whatever concessions [
257] chooses to
make to close deal, by his over anxiousness!
(Q) Through whom and when will Wertheim be brought into
picture?
(A) Through the bankers!
(Q) How does Grove feel as to his liability to [
257] on any
deal that Grove may enter into?
(A) As to how an individual feels, that depends upon the
time or circumstances. As at the present time, it doesn't
mean a cuss!
(Q) Should [
257] attempt to push the final closing of the
deal or depend upon Gen. McRoberts to call him from time
to time?
(A) This has been told. Either do that, or do as self
pleases to do!
(Q) What should [
257] say to Gen. McRoberts on the
50-50
commission proposal that the General suggested to [
257] if
Standard Brands are considered?
(A) Leave that in his hands, as has been given.
(Q) If Standard Brands are to be consulted how much will
they be willing to pay on the present figures in cash?
(A) About two-thirds of that as first agreed upon.
(Q) If the deal is prolonged until March or April can it
be made on all cash deal?
(A) No.
(Q) What attitude and position do the forces wish [
257] to
take in order to handle this entire deal to the utmost -
(A) This has been given! Just do that!
(Q) If Zonite tell the General that they cannot go on with
the deal at this time as the General intimates will be done,
what should [
257] do?
(A) Then begin the deal with the General, as has been
intimated! They won't.
(Q) The General has made suggestions to a new proposal
paying Grove 14 million in cash, 8 million in stock.
(A) Very good approach!
(Q) Will the Grove interests agree to this proposal or have
they already agreed to it?
(A) They would agree to it, as we see.
(Q) Should [
257] discuss the proposal with Grove, or Seeley
or should the General handle it with Grove?
(A) The General.
(Q) Should [
257] accept his part in Zonite stock at $25 per
share, which is $5 above present market?
(A) Very good - for it will advance.
(Q) Will [
257] get the 2% commission in cash?
(A) Wait until the deal closes and find out! The contract
calls for same! Would they leave it out?
(Q) Sears Roebuck, Chicago, its President, General Wood,
proposed to [
257] to combine two of their factories with the
Carolina Wood Products Co. and other factories, to
manufacture furniture for Sears stores.
(A) This has been discussed here, in the attitude made after
the last conference. Partially satisfactory, partially
unsatisfactory - and it has been outlined as to how this may
be handled. Then either get together or change it around
with some other combinations!
(Q) Should Sears stock be suggested for Carolina Wood
Products?
(A) It's very good.
(Q) Will [
257]'s plan now laid out be successful with
General Wood and his associates?
(A) This has already been changed by the last conference!
How can you say, other than it's the basis for which and from
which the ruling may be laid out?
(Q) How soon can this plan be put into operation so Carolina
factory will get business?
(A) Depends upon how soon they can get together on that
agreed!
(Q) Can headquarters be maintained in New York successfully?
(A) Will be more apt to be maintained in Chicago!
(Q) What additional arguments should [
257] use to sell the
plan to General Wood?
(A) No additional than that already put forth. Let more of
the argument come from Wood.
(Q) What will be best financial set up to satisfy [
257] and
Wood interests?
(A) This has been discussed, and OUT of it should grow that
as would be satisfactory.
(Q) Should Albert Pick business be mentioned at this time as
a possible merger with Sears?
(A) No!
(Q) Any further advice regarding the Paris Medicine Co.
deal?
(A) No.
That is all the questions.
We are through for the present.
Copy to Self
Copy to Ass'n office
Copy to Datastician
BACKGROUND
1/09/30 He obtained
257-54 in re. closing Paris Medicine deal.
2/14/30 He submitted further questions.
REPORTS
2/21/30 He obtained
903-13 for his wife, answering questions
as to their home and marriage, their son [
759], and [
257]'s
business interests, especially the Paris Medicine deal.
2/27/30 He requested
325-31 for his mother.
3/02/30 He obtained Business Rdg.
257-56.
Edgar Cayce Readings © 1971, 1993, 1994, 1995 by the Edgar Cayce Foundation