Fox Plan

Last week the William Fox cinema enterprise, minus William Fox (TIME, April 21), at last announced the financing plan which was belatedly to pay for the great Fox expansion of 1929. It provided, essentially, that Fox Film should sell to General Theatres Equipment, Inc. 1,600,000 shares of (new) Class A at $30 a share, and should also issue one-year 6% notes for $55,000,000. These two transactions, totalling $103,000,000, would leave the Fox Companies well supplied with, funds. Furthermore the bankers (who included both the Fox and the anti-Fox factions in the late war) were to receive only 300,000 shares of three-year warrants of Film A at $35 a share--a banking profit notably smaller than the commissions formerly proposed by either Halsey, Stuart or the Bancamerica-Blair. Dillon, Read & Co., Lehman Bros, syndicate.

With new financing came new directors. On the Film Board, William Fox himself was a holdover, as were anti-Fox directors Winfield Sheehan and Saul E. Rogers, general counsel. But gone were Fox-Brother Aaron Fox, Fox-cousin Charier Levin. Fox-brother-in-law Jack Leon

Fox-friends Jacob Loeb and Nathaniel King. New directors included: Harley Clarke (new Fox chief), Matthew C. Brush of American International; Charles B. Stuart, brother of Harry Stuart (Halsey, Stuart & Co.). John Edward Otterson (for American Telephone & Telegraph) was not included.

With a new plan and a new management, it remained only for Mr. Harley Clarke to make another of the familiar announcements about the Fox companies getting down to business again, for Mr. Sheehan to see that they did.

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