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The Bond Wheelwright Company 
Publishers
335 Forest Avenue, Portland 5, Maine 2 - 8431

To Creditors of The Bond Wheelwright Company:

In June the suit against the Borden Company in connection with Elsie's Cook Book was terminated by a pre-trial settlement, negotiated in the presence of the Judge, in the amount of $15,000. Deduction of unpaid fees and expenses of Delafield, Marsh & Hope, attorneys, reduced the net amount to $12,883.59.

Bond Wheelwright Publications, Inc. and Bond Wheelwright 
individually participated in the suit so that the settlement was paid to the attorneys for account of all three plaintiffs. A meeting was held in which noteholders of Bond Wheelwright Publications, Inc. to the extent of $48,000 were represented by the law firm of Choate, Hall and Stewart. Other accounts payable amount to $13,431.63, or a total indebtedness of accounts payable and noteholders of $61,431.63. It was determined that $8,374.39 should go to the creditors of Bond Wheelwright Publications, Inc. and the balance of $4,509.29 to the Bond Wheelwright Company and Bond Wheelwright personally. The percentage arrived at by the attorneys was 65% of the net settlement to Bond Wheelwright Publications and 35% to the other two plaintiffs. Accordingly the Directors of Bond Wheelwright Company were willing to accept a similar percentage in the division between Bond Wheelwright Company and Bond Wheelwright personally.

Except for the interest in the proceeds of this suit and an inventory of virtually unsalable books which we are trying to remainder (so far with very little success beyond an occasional small sale aggregating less than 10 cents on the dollar)the Bond Wheelwright Company has no assets of value. Bond Wheelwright personally is still incurring indebtedness in the liquidation of both companies which is only partially offset by what revenue the remaindered books may bring. Accordingly the corporation is unable to pay its creditors in full, and therefore as the Bond Wheelwright Company of Illinois it has ceased all operations and will never be able to pay in full. The net proceeds of the litigation above referred to permit the following pro-rata payments:

        
Total outstanding accounts payable    $28,003.14
       
Amount distributable to creditors      $2,931.92
            
(10.46996% of $28,003.14)