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control of Colonial without prior Board approval, notwithstanding the subsequent finding of the Board that Eastern's control of Colonial had ceased, precludes approval of the pending Colonial- Eastern agreement; that the consideration to be paid by Eastern totals $14,706,950 of which $12,672,854 represents "water"; and that the benefits to accrue from any savings in subsidy now paid to Colonial which might result from the merger do not justify ap-proval of the Colonial- Eastern merger agreement.
The I.A.M. takes no position on the merits of the agreement. However, it does maintain that protective labor conditions similar to those imposed by the Board in the Slick-Flying Tiger Merger Case, supra, should be imposed to protect the employees of Colonial.
The A.L.P.A. maintains that in the event the Board approves the Colonial-Eastern agreement, the protective labor provisions similar to those provided in the Slick-Flying Tiger Merger Case, supra, subject to certain modifications hereinafter discussed in detail, should be appended to such approval.
Issues- Under Section 408 (b) of the Act, unless an acquisition is found to be inconsistent with the public interest, the Board must approve such acquisition; provided, that an acquisition shall not be approved if it would result in creating a