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B-143210, JUN. 22, 1960

B-143210 Jun 22, 1960
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ATOMIC ENERGY COMMISSION: THIS IS IN RESPONSE TO A LETTER OF JUNE 14. IT IS REPORTED IN THE LETTER THAT THE DEBTOR IS CURRENTLY PROCEEDING UNDER A CONTRACT WITH THE DEPARTMENT OF THE ARMY AND THAT THE ATTORNEY FOR THE DEBTOR HAS MADE CERTAIN REPRESENTATIONS WITH RESPECT TO THE ABILITY OF HIS CLIENT TO REMAIN SOLVENT AND PRESUMABLY TO SUCCESSFULLY COMPLETE THE CONTRACT WITH THE DEPARTMENT OF THE ARMY UNLESS THE RATE OF WITHHOLDING OF PAYMENTS DUE THEREUNDER TO SATISFY THE COMMISSION'S CLAIM IS TEMPORARILY REDUCED FOR THE MONTH OF JUNE TO THREE PERCENT AS IT WAS IN THE MONTH OF MAY. IS FURTHER REPORTED THAT A TENTATIVE AGREEMENT HAS BEEN REACHED BY ALL PARTIES WITH RESPECT TO SUCH WITHHOLDING EXCEPT THAT THE DEPARTMENT OF THE ARMY'S CONCURRENCE IS CONDITIONED UPON APPROVAL BY OUR OFFICE OF THE ARRANGEMENT.

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B-143210, JUN. 22, 1960

TO HONORABLE JOHN A. MCCONE, CHAIRMAN, ATOMIC ENERGY COMMISSION:

THIS IS IN RESPONSE TO A LETTER OF JUNE 14, 1960, FROM YOUR GENERAL COUNSEL WITH RESPECT TO THE CLAIM OF THE COMMISSION AGAINST THE TAYLOR WHELESS COMPANY IN THE AMOUNT OF $323,206.20.

IT IS REPORTED IN THE LETTER THAT THE DEBTOR IS CURRENTLY PROCEEDING UNDER A CONTRACT WITH THE DEPARTMENT OF THE ARMY AND THAT THE ATTORNEY FOR THE DEBTOR HAS MADE CERTAIN REPRESENTATIONS WITH RESPECT TO THE ABILITY OF HIS CLIENT TO REMAIN SOLVENT AND PRESUMABLY TO SUCCESSFULLY COMPLETE THE CONTRACT WITH THE DEPARTMENT OF THE ARMY UNLESS THE RATE OF WITHHOLDING OF PAYMENTS DUE THEREUNDER TO SATISFY THE COMMISSION'S CLAIM IS TEMPORARILY REDUCED FOR THE MONTH OF JUNE TO THREE PERCENT AS IT WAS IN THE MONTH OF MAY, LEAVING A RATE SOMEWHAT IN EXCESS OF 21 PERCENT NECESSARY THEREAFTER IN ORDER TO SATISFY THE CLAIM FROM THE PROCEEDS OF THE ARMY CONTRACT. IS FURTHER REPORTED THAT A TENTATIVE AGREEMENT HAS BEEN REACHED BY ALL PARTIES WITH RESPECT TO SUCH WITHHOLDING EXCEPT THAT THE DEPARTMENT OF THE ARMY'S CONCURRENCE IS CONDITIONED UPON APPROVAL BY OUR OFFICE OF THE ARRANGEMENT.

IN VIEW OF THE DETERMINATION BY THE COMMISSION AND THE DEPARTMENT OF JUSTICE THAT SUCH ACTION IS NOT ADVERSE TO THE BEST INTERESTS OF THE GOVERNMENT, OUR OFFICE WILL NOT ON THE PRESENT RECORD BE REQUIRED TO OBJECT TO CONTINUATION OF THE LESSENED WITHHOLDING.

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