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UNITED STATES RADIUM CORPORATION
535 Pearl Street, New York
May 2nd, 1929.
Board of Directors,
United States Radium Corporation.
Gentlemen:
During the past year a Committee composed of D.W. Ladd,
J.F.B.Mitchell, Joseph W. Burden and C. B. Lee, representing holders
of a large majority of both classes of stock of United States Radium
Corporation has been attempting to formulate a plan to readjust the
capital structure of the Corporation with the hope of making possible
the payment of current dividends out of current earnings on the pre-
ferred stock and improving and protecting the equities of the stock-
holders of both classes. As the first step in such plan a special
meeting of stockholders was held on February 28th, 1929, and adjourned
to March 1,1929, at which time the capital of the Corporation was re-
duced, the preferred stock reclassified into a new class denominated
$7 Cumulative Prior Preference Stock, the Class B stock reclassified
into Class A stock and the Certificate of Incorporation of the Corpor-
ation so amended as to carry out these purposes.
The most important step in the proposed readjustment has been
the elimination of the amount of unearned, unpaid accumulated dividends
on the 4,000 shares of outstanding preferred stock of this Corporation.
These dividends constitute a constantly growing obstacle to the payment of
any future dividends out of earnings, and also prejudice the general
credit position of the Corporation. The plan proposed by this Committee
and herewith presented to your consideration contemplates the creation
of a new $7 Cumulative First Preferred Stock ranking prior to the
present preferred stock, to be issued share for share in exchange
for shares of the present preferred stock which may be voluntarily
surrendered by the holders for such purpose accompanied by a release
and surrender of all rights to unpaid accumulated dividends. The plan
also contemplates that there will be issued to the holders of all such
shares of the present preferred stock as are so exchanged, a stock
dividend consisting of one share of Class A stock for each share of
preferred stock exchanged.
In the opinion of this Committee this plan for the readjust-
ment of the capital structure of your Corporation is advisable from
the standpoint of both the preferred and Class A stockholders and we
strongly advise its approval by the Board of Directors and its pres-
entation to and acceptance by the holders of all the stock of this
Corporation presently outstanding.
Very truly yours,
Chairman of Stockholders Committee.
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"ocrText": "UNITED STATES RADIUM CORPORATION\n535 Pearl Street, New York\nMay 2nd, 1929.\nBoard of Directors,\nUnited States Radium Corporation.\nGentlemen:\nDuring the past year a Committee composed of D.W. Ladd,\nJ.F.B.Mitchell, Joseph W. Burden and C. B. Lee, representing holders\nof a large majority of both classes of stock of United States Radium\nCorporation has been attempting to formulate a plan to readjust the\ncapital structure of the Corporation with the hope of making possible\nthe payment of current dividends out of current earnings on the pre-\nferred stock and improving and protecting the equities of the stock-\nholders of both classes. As the first step in such plan a special\nmeeting of stockholders was held on February 28th, 1929, and adjourned\nto March 1,1929, at which time the capital of the Corporation was re-\nduced, the preferred stock reclassified into a new class denominated\n$7 Cumulative Prior Preference Stock, the Class B stock reclassified\ninto Class A stock and the Certificate of Incorporation of the Corpor-\nation so amended as to carry out these purposes.\nThe most important step in the proposed readjustment has been\nthe elimination of the amount of unearned, unpaid accumulated dividends\non the 4,000 shares of outstanding preferred stock of this Corporation.\nThese dividends constitute a constantly growing obstacle to the payment of\nany future dividends out of earnings, and also prejudice the general\ncredit position of the Corporation. The plan proposed by this Committee\nand herewith presented to your consideration contemplates the creation\nof a new $7 Cumulative First Preferred Stock ranking prior to the\npresent preferred stock, to be issued share for share in exchange\nfor shares of the present preferred stock which may be voluntarily\nsurrendered by the holders for such purpose accompanied by a release\nand surrender of all rights to unpaid accumulated dividends. The plan\nalso contemplates that there will be issued to the holders of all such\nshares of the present preferred stock as are so exchanged, a stock\ndividend consisting of one share of Class A stock for each share of\npreferred stock exchanged.\nIn the opinion of this Committee this plan for the readjust-\nment of the capital structure of your Corporation is advisable from\nthe standpoint of both the preferred and Class A stockholders and we\nstrongly advise its approval by the Board of Directors and its pres-\nentation to and acceptance by the holders of all the stock of this\nCorporation presently outstanding.\nVery truly yours,\nChairman of Stockholders Committee."
}