[Letter from Harris L. Kempner to Dr. Marion J. Levy, Jr., April 1, 1964] Page: 1 of 2
This letter is part of the collection entitled: Harris and Eliza Kempner and was provided to The Portal to Texas History by the Rosenberg Library.
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'+" ^ }Dr. M rion J. Levy, Jr.
102 Russell Road
PriAceton, New Jersey
Dear Marion:
Shrub told me about your 'phone conversation the other day and
asked me to drop you a line about the Stewart matter.
As background: none of us here owns any of this stock. A number
of the trusts managed by the Bank do own -ome and the Stewart reorganization
problem has been before the Trust Committee in some detail over the past year
or so.
We turned down the original proposal but have decided to vote our
stock affirmatively for the current proposal.
We felt that this v.as a reorganization problem; that in any such re-
organization there is a tug-of-war between various interests and that perfect
equity is usually not obtainable.
We felt that the solution should permit the Company to continue
operating and to expand by amalgamation or other methods and even to be available to
be itself almalgamated into a larger Company. These results seem to us to be very
much in the interest of the preferred stockholders once they were given a call on
the common stock as has been done in the current instance. If I remember correctly,
each share of preferred stock comes out with a value of about $425.00 and shares fully
from now with the old common stock in every respect.
I understand that several of the larger individual stockholders who also
voted against the original proposal are going to vote in favor of this one but that
Theodore Stubbs and his group will continue to oppose and possibly go to court.
Theodore's theory seems to be based on the assumption that there has
been "a constructive breach of trust" by the owners in the past and that the pre-
ferred stockholders who were the victims of this action suffered very substantially
therefrom. Our impression is that it would be difficult to prove such breach of trust
or damages; but Theodore is a very competent lawyer and his views are not lightly
to be disregarded.April 1, 1964
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Kempner, Harris Leon. [Letter from Harris L. Kempner to Dr. Marion J. Levy, Jr., April 1, 1964], letter, April 1, 1964; (https://texashistory.unt.edu/ark:/67531/metapth1421096/m1/1/?q=%22%22~1: accessed June 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.