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^[[Mr. Robbins]]

FICHE TO MR. GERMAIN SELIGMANN
FROM: MR. J. O'TOOLE
April 26th, 1933.
[[line]]

I wish to give you herewith the details of the arrangement suggested by Mr. Arronson in Philadelphia, on Monday, April 24th, for the possible continuation of the McCLEES GALLERY, and a committee of creditors elected from among those present will investigate these facts and make suggestions to both Mr. Kelley and the creditors.

The statement of the present condition of the McCLEES GALLERY, as read to the assembled creditors by Mr. Arronson follows:

[[underlined]]ASSETS:[[/underlined]] Total $32,019.25

Cash on hand and in bank: $215.43
Inventory: 25,629.34
Unpaid stock Subscription G.E.Kelley: 2,500.-
Furniture & Fixtures: 3,500.-
Accts Receivable: 1,912.89

[[underlined]]LIABILITIES[[/underlined]] Total $24,298.53

Notes Payable - R.C.Vanse: 1,008.40
Back Rent: 3,850.-
Loan Payable - Sam Schwartz: 7,288.45
Accts Payable: 12,000.-

There is on hand consigned Merchandise to the Value of $116,166.09

The suggestion is that since the landlord has generously consented to waive his prior claim on all the assets, in order to give the McClees Gallery a chance to recover, and further consented to defer payment on the back rent due for a considerable period, meanwhile granting a 50% reduction in future rent, it would be advisable for the Creditors to consent to this arrangement:
All claims against the McClees Gallery to be reduced 50% and payment for the balance to extend over a stated period to the end of 1934 in such manner:

July 1st: 10%
October 1st: 10%
December: 15th 10%
February: 1st 20%
April 15th: 20%
June 1st: 10%
October 15th: 10%
December 15th: 10%

There are 79 Creditors with approximately $12,000.- due them, Present at the meeting were 15 men representing the larger part of the claim - among them

Leger Gallery of London
Kennedy Gallery of New York
Kraushaar Gallery of New York
Frank Baum - an artist
Ireland & Company, etc.