Transcribe page 88 of 95

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91

[[underline]] Smithsonian-Summa Corp. Agreement Concerning the "HK-1" Aircraft [[/underline]]

For over two years the General Services Administration has been negotiating with Summa Corporation (formerly the Hughes Tool Co.) concerning the disposition of the experimental wooden cargo plane known as the "HK-1" that was constructed by Howard Hughes' company in the 1940's under a Government contract. The "HK-1" is of historic interest, but it is an enormous aircraft presenting major housing and maintenance problems.

Within the last few months the Smithsonian has been drawn into these negotiations because of the National Air and Space Museum's interest in the "HK-1" and in another aircraft owned by Summa called the "Hughes Racer."

GSA, Summa, and SI are now exploring the feasibility of an arrangement whereby GSA will transfer its rights to the "HK-1" to the Smithsonian, and the Smithsonian will exchange the "HK-1" with Summa in return for a model of the "HK-1" suitable for museum display, the "Hughes Racer," and $600,000. Such an arrangement will also settle any dispute between GSA and Summa regarding existing ownership rights in the "HK-1" and will protect the "HK-1" from commercial exploitation.

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