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,.rZ'~:;.:'.E.g~'A;, ..',':.':',~-: ':" ..~;-,'?*4hc-Conttnental loan pron,
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<br /> ~g~apman' and~e~.went:o~.of,t tal ~. traditional ~omp :.
<br /> ~e~'c'~':Th~'~r~'pla~;~l~ ~ording'to ~ ~lrnt Natlonal'executiv~,~,
<br /> ~'~i'd~6t.~hezballg~me: When~v~.~o~. on~ of ~e Cutler:brother~ In the firm
<br /> · ~e:l~-fi:~e .'their~name~ ~ ~d:~:.'eam'e'to the bank to brfet.~m on'ltn"
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<br /> ~'~y~hapm~ ~.d.~fl~r,opi~on ~.~. vice on s~f~ng the '~chool bo~d'n bor-
<br /> ~;scutfl~'d~k' .$~5:~t~o~ pl~ le~, ~'ro~lnK ~u~o~ty to the city of ~cago,
<br /> t~h~ a~oh~.b~'f&~2~'~b0~a~[vk aepar~te t~ng[authodty:~der ~'~
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<br /> ~;,.'bg~h'~:~o~ o~'~Ms-~ouKht ~;~ ' "The'lette~ w~ dated Octoner
<br /> ~d~-~he' lo~ to'be.backed by ~t~] monm before, the board'~ .rating:drop~
<br /> - educzflbn~'ba~en~ ~der ~;~ forced it to l~k for the.city ·
<br /> to,ted"new r2aw:. Con~en~..~oia :,~ar~te~. - .~:~ .... . .....
<br /> ' a ~fficate"ot'lend~-~d' ~w:'~ ~. Roob~[when confronted by ~. Bem~
<br /> ~'lo~men~ b~ on i~ cv~l'~:i wl~i~ letter;' co~d not expl~ xvhy
<br /> ~ff~t'e~o~ ~gf ~e.'law. ~e b~'~on~'~tI hi~ 'nd~ordin~ie~': in ~- bond
<br /> r~d~ belped.~ ~ new ~i~ ~m ~a~mnn ~d Cutler;:; -~-
<br /> · ~ . i- '. [..:~'-
<br /> .......... . :.-~. . ._-~.: .... -.-.' . · · -'. · -.-.. :. · · -...~-: ._.' "~-..--l~-j
<br /> ~tha~p~ng~'".~-~ '~,~ ' -'~;..~'Zff~'Can't FJnd~Flle~: .... ! .';~" -~::~
<br /> ~ . ,. ,-~ -.. ~ .-...v ... · .~-~........;... .. ~. _ . . - ~ ...-.2.. ~... ~ ·
<br /> .~L~:]lo~ ~a~-.~eaffY bEe~'~: ~.'(".:.A'~poke~man for the tim t~ld The~ :- . "
<br /> ed "~d fied'~.bow'when ~e,.-,, , - ,. "- '
<br /> :~'p ' [~..:...: ......... ;- _ ..~: · ~auon~t ~aw'Jou~ it'could not find'. .
<br /> · :~c ~ ' '. .c ~,. ...... . ~-..-..~ne,~tIet in ~m ziie~.:~e, ai~a said Mr~ · ......
<br /> .~o~ .~:'t~i~d'~~ ~x~ r Cutle~ ~rS~.. ~ac~tion", d~in~:.t h'~z '
<br /> ~;' -P - ..:-.~- . :'~ -;~-e~t~me4the:]etfer:~outd -have-been
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<br /> '~'.~e' flmtthought'the-~o~,~mo..: ,~- ,, . ~ ~ _:,~.-.,,' ; -,'_, ' ~ ' '3;"
<br /> ~-";%'-' "'" "~ ' ~'~e:]~ a~'' '': ~ri~ooD-.~elen~e~ n~n Da~
<br /> .: .... Z- ~;~ted' b~ .... ~ lL:~~Ltg~m, ~lth: th~. ~oard · .bond c u~el,$
<br /> tk~'~'~'~d ...... ~o.~'.:~'~'~2 ~ying~ "~e'opinion ot'~.hond
<br /> · ' aid'. 'balm ~ni~[ :B~t;[,the bau~rsff~ ~'.relled~pE~by?.un~e~ter~
<br /> :=. _ ....... · ~4 ~ ~th%~'~'~<.~tHout~tU~lende~- fo[a 'municipKlity' :It h~ to'
<br /> · -~wo~mi ~. ~ _ ~ ........ ~. ~_ ~ .~ ., . .... a~% . ·
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<br /> ~,r ..... ~,--::-.~:~ .... ~:~;~.. ~r ~..-:ran independent tobJ~etlve of ,.th~tr~-
<br /> ~r~'~ .-.,~-~.~ --. ~ · · ~ ~ .-.- .~ .. ..... . . . ....
<br />.,~:. -..~-~:';,,.~'~,;':~:.-~= ...... ~,..,.. ::~ .-[he~9~Aak~ ~-.lndep~nd~nt ~ dis--,
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<br />· .. ~2~i111o~ loan ~om ~nun~n~.r,~/...db~'~'~nity?~:.,ar~e~- Mr. -Berm~e'xe'~uti~f.'dlr~'~tor. ~f' ihe"?Puhll~
<br /> -Jc..~-'~n~en~ had~..o~ ~a~.~':~b~t, it ra~h~: s~me very ~erioU~:JE~e~ti~:Ah~&'~iktion~"~iy-have to
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<br />.~ci~ :c~t '. ~gen~4~'~:~5~[.~nt' ~rectt~tto Chapman-~d Cutier.?~ suer to make~pi~onn ot law. In a way.
<br />[~ told.,~'~.:~te eo~E~ , [;~;~'~,f~'d~.asked,;~o~ ~ opi~on't, relaflng..to(~ they are advi~iSk ~l.the 'p~te~ on the
<br />~._h~ut-,th~' -.-~ ?. . .... · thein client .... ~ :;-.~ · :,: ~ ....~t~-a~mnue.
<br />~i~4f~m..~h.~l~t9~_~ ~u-,.n,~i~j.'~&'m~;. Vkugh~. "the ~affW~6:Z[~i' ~apman
<br />
<br />:have'~cle~"l g' ; P.__ '. _ . ~;.i'-[att~eytcBent p~vlle~e in ce~in:frelatlo~p~[JtAt tho"height "of ~.
<br />'have a de~, -.expl~ne~ ~:: . -t-ayio~...., .:~_t~:a~E'ec~'oi bond cou~ei practice.
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<br /> · -- :'~ . ' - "~: L-~ y~hr~, and w~t Unde~t~d what
<br /> "view. ~[:Z-.-kt:.~..."-.':;'.' ,
<br /> ;? W~le t ~: : ,v:yer~ we~ ~'eb~g.'qulred,[!~hi~ad~. '--~ . . haven'~ h'~d the need foK their [Chap-
<br /> '' ' "Ai:i~[~'t:"be~ble"~ay 'rely ~n;'~e~ m~'~]-
<br /> ' '" ...... v - .... - .- ......
<br /> p~or ~chool bo~ ~ecu~tte~ ~a~ac-
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<br />tionz, now under review by' the
<br />Securttie~ and Exc.hange Commission.
<br />*'W~-have been advised by the board
<br />that ~they are claiming the-[attorn'ey-
<br />client] privilege with re,pict to our
<br />' sp_eeilic reprc~entation-.[aa bond.
<br />a~unsel]." he ~ald, '..-, -.; ..... ;',:
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