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man000211-006
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I agree.December 22$ 19‘ih MEMORANDUM TO: The Board of Directors FROM: Thomas A-» Campbell SUBJECT: Refunding Policy The report on refunding policies prepared by J a M. Montgomery has been distributed to the Directors as a convenience* The report is now under consideration by 0 3 Melveny \ Myers who advised there are some rather tough legal problems involved, possibly requiring submission to the underwriters of the bonds* They have promised an opinion within thirty days ,0 In view of the legal problems involved which slight prevent adopting such a policy3 it is strongly urged tint the matter be kept confidential until the 0 5Melveny & Myers opinion has been received* Thomas A a Campbell WCR:nsb