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You may reasonably ask what happens to the $1,578.75 payable to Bond Wheelwright personally, representing 35% of the net of $4,509.29. This money is being used in part to offset a total of $49,000 of personal obligations, most of which were incurred as a direct result of the losses suffered through the adverse business conditions encountered in connection with the Borden litigation, which harmed and limited our business operations from the summer of 1952.

Choosing the above method of distribution of available funds as opposed to bankruptcy renders to each creditor from 50% to 100% more than an award in bankruptcy court for reasons that the $49,100 is not included in the $28,003.14 list of outstanding creditors, nor are there any costs due to court actions, bankruptcy costs, lawyers fees, etc.

Your check for $  is enclosed herewith with the request that you agree to accept it in full release of all this corporation's obligations to you, all other creditors being asked to do likewise and the great bulk having already informally agreed. The endorsement on the check (to which your attention is especially called) carries this out and is intended to be your signature to this agreement and to evidence your concurrence and assent. When you endorse the check, will you please sign it for this purpose.

THE BOND WHEELWRIGHT COMPANY


Bond Wheelwright, President

July 26th, 1955