UA-R-GC-1914-01-01-1979-05-30_Page-009

,- . -3- a. Cadillac Travel and Touristic Services -- Liqui~ation of the Company is proceeding as earlier predicted. b. Cairo Beverages -- The LE 17 million syndicated loan has been arranged. The Fund has rolled over its LE 300,000 loan, which was due in April. c. Cairo Properties -- Mr. Stone summarized the position he took at the February meeting of the Cairo Properties Board: the Fund does not wish to be a real estate developer; and the Fund is opposed to spending lar~e sums of money at the IIfront end ll of the project. Consequently, the Fund feels that the properties should be sold if an acceptable price can be obtained, and the Company should be liquidated. Mr. Snaith pointed out that the Company would have to obtain a very high price to come away with any profit at all. The alternative is to spend approximately LE 10,000 to get drawings and specifications suitable for pre­sentation to prospective tenants. The view of the Committee was that Mr. Snaith should proceed on the assumption that the Company will be liquidated. President Pedersen will talk to the Minister of Economic Cooperation and explain why the Company is moving to sell the land. Skidmore, Owings & Merrill have not answered the Company's letter requesting sUbstantiation for the bill for $100,000 for architectural services. The Committee authorized Mr. Snaith to take the position that the Fund would be willing to settle the bill for $10,000. Mr. Snaith mentioned the pos~ibility of Henri Boutin's finding buyers for the land and being paid a 2.5% commission. The Committee did not object. d. Arab Aluminum Company -- Mr. Snaith summarized a written report, highlighting the Company's marketing problems and lO~ler-than-expected sales and income figures . The new chief officer is cutting costs by lettin