Untold Story of the Survival of the Penn Central by Donald Prell - HTML preview

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Addendum

 

The author believes the conversations and events  happened as related. In an unsigned note to Mr. Prell from  Mr. Lloyd Cutler (Dated June 25, 2002) Cutler  acknowledged meeting with the author, however he stated he  has no recollection of anything, which concerned funds being  put into a Swiss Bank account or anything about some  members of the Board of Directors of the Penn Central  providing their own personal money to fund the said  account.

 

Therefore Mr. Prell has prepared the following statement  to assist readers, in deciding if they should accept, as valid,  his description of what was said during the meeting in Lloyd  Cutler’s office.

 

"I believe my recollections as to the details of the  conversation with Mr. Cutler, are as I related them in  the story. Mr. Cutler wrote that he had no memory of  discussing with me the Fund, which had been set up  in the Swiss Bank; but one might ask: ‘Why did Mr.   Cutler ask Mr. Volk to have someone come to  Washington D.C. for a meeting?’ Was it not to "size- up" the person to be trusted with the Swiss bank  account, and then to confide in him the details of the  account?"

 

"If the meeting was simply to give me the documents  to be signed, or to merely explain about the hold-outs  (Items I already knew about) then why ask me to take  the "red-eye" to Washington D.C., meet for an hour in  private, and then have me rush back to Los Angeles,  to arrange for a flight to Zurich? Certainly the reason  for the trip was for Cutler to meet ‘this Mr. Prell in  person,’ size him up, and then once satisfied, give him  the details which he had received from a person  representing some members of the Board of the Penn  Central. In the note I received late in June of 2002,  Cutler told me he did not represent the Penn Central  or its Board that at that time his law firm represented  the agent for the Swiss Franc Noteholders. He wrote  that the Law Firm representing the Penn Central was  a Philadelphia law firm, with whom he was in  contact."

 

"From the time I left Cutler’s office until I met with  the primary "hold-out," I did not have any  conversations with anyone (other than Harry Volk)  concerning what I had been asked to do. So if Lloyd  Cutler didn’t convey the details about the Swiss Bank  Account, who did instruct me? And if it didn’t happen  as described, why was I asked to rush to a private,  one-on-one meeting in Washington D.C.? No, it was  more than just to be handed a few papers, which could  have been delivered by an overnight Courier Service.  It was for the purpose of being given information,  which could not be in writing, and which had to given  in person (not delivered over a telephone line)." 

 

Donald B. Prell