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MR. SALTER APPEARED BEFORE THE BOARD TO DISCUSS THE SITUATION <br />AND STATED THAT HE COULD ONLY AGREE WITH TOE OUTRAGED REACTION OF THE <br />PROPERTY OWNERS IN PEBBLE BAY AND THE ACTION TAKEN BY THE BOARD IN <br />TERMINATING THEIR AGREEMENT WITH TREASURE COAST UTILITIES. HE THEN <br />GAVE THE BOARD THE HISTORY OF EVENTS THAT RESULTED IN HIS BUYING <br />THE STOCK OF TREASURE COAST UTILITIES, DISCUSSING THE TIMING OF THE <br />PAYMENT OF THE MONEY, THE HANDING OVER OF THE STOCK, AND MR. LOHMAN'S <br />RECOMMENDATION THAT THERE BE A STOCK TRANSFER INSTEAD OF A SALE <br />OF ASSETS. MR. SALTER, WHO IS AN ATTORNEY, STATED THAT DUE TO THE <br />WAY THIS MATTER WAS HANDLED, AND BECAUSE OF BEING ENGAGED IN A <br />PROTRACTED CASE, HE DID NOT KNOW OF THE PEBBLE BAY PROBLEM AND ALL <br />THE OTHER PROBLEMS BESETTING TREASURE COAST UTILITIES AS OF AUGUST <br />21ST. HE INFORMED THE BOARD THAT HE HAD TALKED TO ATTORNEY CALVIN <br />DROWN, WHO DID NOT MENTION ANY OF THIS BUT MERELY INQUIRED AS TO <br />THE CORPORATE APPARATUS. <br />COMMISSIONER LOY NOTED THAT ATTORNEY BROWN, AT THAT POINT, <br />WAS MERELY TRYING TO ASCERTAIN WHO DID OWN TREASURE COAST UTILITIES. <br />MR. SAET�R CONTINUED THAT HE RECEIVED A LETTER FROM <br />ATTORNEY COLLINS DATED AUGUST 28TH AND THEN STARTED MAKING PHONE <br />CALLS TO GET TO THE BOTTOM OF THE SITUATION. HE STATED THAT HE HAS <br />HAD TO MAKE MANY ADJUSTMENTS SINCE HE -HAS BEEN HERE AND EXPLAINED <br />WHAT HE IS TRYING TO DO. MR. SALTER STATED THAT HE IS VER`( SINCERE <br />AND WOULD LIKE TO BE ALLOWED TO CONTINUE MAINTAINING AND SERVICING <br />THE ACCOUNTS AROUND PEBBLE BAY, VERA CRUZ AND THE LIKE. HE FELT <br />THAT HE HAS DEVELOPED A TEAM OF PEOPLE WHO CAN DO THE JOB WELL. HE <br />POINTED OUT THAT HE HAS INVESTED A GOOD BIT OF MONEY, AND IT WOULD <br />NOT BE IN HIS INTEREST TO RUN. HE INFORMED THE BOARD THAT HE HAS <br />INSPECTED THE DIXIE GARDENS SYSTEM WHICH HE ALSO OWNS, AND IT IS <br />NOT IN TERRIBLE SHAPE BUT THINGS DO NEED TO BE DONE. WITHOUT <br />COUPLING THE REVENUES OF DIXIE GARDENS AND PEBBLE BAY, HE WOULD <br />HAVE A DISTINCT FINANCIAL PROBLEM. MR. SALTER WENT ON TO EXPLAIN <br />IN DETAIL THE PERSONNEL AND SERVICES HE WOULD BE ABLE TO PROVIDE <br />FOR BOTH DIXIE GARDENS AND PEBBLE BAY, HE NOTED THAT WHILE HE DID <br />NOT ACTUALLY CREATE THE PROBLEM AT PEBBLE BAY, HE IS WILLING TO <br />CONTRIBUTE TO THE REPAIRS IN THE PEBBLE BAY AREA. <br />72 <br />SEP 0 6 197 �p��P <br />