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SIGNATURE EDWARD FACKENTHAL
TITLE ASSISTANT SECRETARY
ATTACHMENT TO SUB-ITEM 77 C
At the annual meeting of the shareholders on December 18, 1997 shareholders
attended who collectively owned 3,842,534 shares representing 90% of the total
shares outstanding. They voted unanimously as follows:
Election of Directors
The shareholders elected, as the entire board, John H. McCoy, Joseph V.
Somers, Francis J. Rainer, Thomas F. Kilcullen, Jr. and George W. Connell
directors for the ensuing year. The Company does not solicit proxies and the
board of directors as previously reported to the Commission was re-elected in
its entirety.
ATTACHMENT TO SUB-ITEM 77 E
In January, 1998, the United States Environmental Protection Agency notified the
Company of its cleanup efforts at a landfill in or near Upper Black Eddy in
northern Bucks County, Pennsylvania. The Company was identified as a potentially
responsible party ("PRP"). Information furnished to the Company is that EPA has
spent $11,000,000 to date on cleanup costs and expects that the remaining costs
will bring the total to $30,000,000. There are eight PRP's in the Company's
negotiating group.
At present, the Company does not know (a) the actual costs of the cleanup
(b) whether the Company has any link to the site (c) the number of other PRP's
that can be found to contribute to the common expense (d) if the Company's link
to the site is established, the allocable share of the costs the Company should
bear (e) the value of indemnity provisions in the Company's agreement with
another company or (f) the negotiation position of EPA.
Because of these several unknowns, the Company cannot predict with
reasonable accuracy what, if any, the Company's ultimate liability will be.
However, based upon the facts now known, the Company's liability could be
significant.
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