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[[vertical annotation in left margin written in red]] Consilidation ? [[/vertical annotation]]
Redmaol than for Bakelite and Condensite I pointed out that the ratio of Bakelite and Condensite was a relatively easy matter because the two companies had started about the same time under about the same conditions. The only difference between them being that Bakelite had a considerably larger surplus of liquid assets (cash or bonds) which ought to be taken in consideration but this was a relatively easy matter 
I told [[strikethrough]] them [[/strikethrough]] Karpen that whatever method we pursued whether we made 2 companies as he suggested or one company as I suggested we would have to arrive at a formu-
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[[vertical annotation in left margin written in red]] Consilidation ? [[/vertical annotation]]
la for determining relative values of good will including patents. That Townsend had already said and I agreed with him that to determine the value of the patents in question was an impossibility beyond a mere guess. A patent of great importance to day might be worth nothing to morrow and a apparently unimportant patent often becomes paramount. Furthermore besides the patents issued others were in the office now others were being prepared or evolved and all this made it more intangible as exact value. That after all [[strikethough]] earn [[/strikethrough]] comparison of earnings under a certain formula might be the best guide and therefore