| Deal Description | The Midland Company applied the net proceeds from this transaction initially to reduce short-term indebtedness, the proceeds of which were used for acquisition of additional receivables. Eventually, the net proceeds were intended to have been used towards the construction of mobile homes manufacturing plants then being constructed, and the construction of a water terminal warehouse. The balance was added to the general working funds of the Company and was available for the purchase of additional water transportation equipment and for investment of capital funds in Midland-Guardian Co., the finance subsidiary of the Company, and other corporate purposes. |
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