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CAPT E GARGES*JR
142 MILL SPRING RD
☨®  MANHASSET NY 11030
FIGHT ASTHMA


COLONIAL EMPLOYEES MUTUAL FUND, INC. May 31, 1955

Dear Fellow Stockholders:

Attached you will please find a copy of the proceedings as recorded by a public stenographer at the Colonial Airlines' Stockholders Meeting held in Wilmington, Delaware, April 20, 1955. Your Directors felt distributing copies of this record to you would be the best medium by which we could acquaint all of you with the proceedings and results of this meeting. For your further information, the 110 shares of the Colonial Airlines' stock held by the Colonial Employees Mutual Fund, Inc. was, as you directed, voted against the sale of Colonial Airlines' assets to Eastern Air Lines. Your Officers and Directors present were: S. C. Barnitt, Stanley Heller, Vern Taylor and R. B. Silver. Mr. George Solomon was present as legal adviser. Should there be any further information which you desire, please contact any of the aforementioned and we will do our best to answer any of your questions.

Friday, May 13, 1955, the Colonial Employees Mutual Fund, Inc. held a Directors Meeting at 400 Madison Avenue, New York City. A full and frank discussion was held on matters of interest to the "Fund". As a result of this discussion, the following three basic policies were decided upon, and will be carried out as expeditiously as possible: 

1. Expand the present Board of Directors of the "Fund" in order that we may have a representative from as many departments as practical, thereby increasing our cross-sectional representation on the Board.
2. Initiate the necessary legal steps to intervene, as our interests may appear, in the CAB proceeding relative to the sale of Colonial Airlines' assets to Eastern Air Lines.
3. Increase our membership in the Fund to as high a percentage as possible. This, in the opinion of your Directors and Officers is a very important prerequisite to insure the most effective results from our efforts. Accordingly, let's all devote just a little of our spare time toward furthering this aim, and it will be easily accomplished.

As you all are undoubtedly aware, the Pre-hearing Conference on the sale of Colonial Airlines assets to Eastern Air Lines commenced May 18, 1955. The date for the start of the public hearing on this matter has been set for July 26, 1955. You may be sure your Directors and Officers will make every effort to be fully informed on all developments relative to these proceedings and will keep you posted on any matters which appear to be in our mutual interest.

Sincerely yours,

Robert B. Silver
President

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