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[[vertical annotation in red in left margin]] Consolidation [[/left margin]]
suggested we should first discuss how to establish this formula.  That if we agreed on this we could disband, study the subject amongst ourselves and meet again Monday morning to see in how far our proposals were mutually acceptable. As to the Company I told them that we had been considering a merger with Condensite as the basis of formation of a new company with redistribution of stock of the latter to each of the constituents in a ratio equivalent to the relative assets of the two constituent companies. [[strikethrough]] That
I nego [[/strikethrough]] Why could we not carry out this plan and add a second step, adding
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[[vertical annotation in red in left margin]] Consolidation ? [[/left margin]]
in this second step the Redmanol Co. That however this consolidation ought to be effected without subjecting the large stock holders in each company to the possibility  of having to pay large individual incomes taxes which surely would be the case if a bond or extra stock distribution took place. That furthermore the [[strikethrough]] arrangement [[/strikethrough]] new company should not be an infraction of the Sherman Law. That to a superficial onlooker or a Judge this might appear so while in [[strikethrough]] relaty [[//strikethrough]] reality it was no such thing.  That we were acting only according to the natural and well established rights confered by the U.S. Patent system That the situation was very different from the usual