December ir. 510 Joseph Galler Dear Br, Glendale, £4, 1926 E. Olsen Place California Oleens Your letter of yesterday, addressed to Marriner, has just been sent down to me. I nave read it hurriedly. I shall not attempt to answer it completely until I have hed an opportunity to study want to consider it came, with May I say it further, but you the problem first that the in the 1 was mumber meantime working of 1 on when interests assigned to Gres. Olsen results from the thought that the femily trusts will be revoked immediately before the royalty trust agreement is made, re. Olsen has 291 shares of stock, not counting those she attempted to transfer to the trustees. er proportion of her the the shares in the advantabe Shares. family of the trust is £16.72 fraction, she shares. thus has a COiving total of 806 | Your letter shows thet you agree with us that the royalty trust agreement should, if possible, cover the entire interests in the patents and the royalty contracts. We should like very much to have that done, but 1 wonder if the BrownineOlsen trustees can become parties to such a trust, thus creating & trust within a trust. it is not that they cannot make contracts regarding the property conveyed to them. Their powers seem to be very broad in that regard, The proposed royalty trust requires payment to be made to each beneficiary during his lifetime, anc thereafterin accordance with his exercise eat law. That gicht well and probably would tribution of money contrary to the terns of of a povrer of appointment, result in a disyour trust. That, you will emmeede, alternative see, in which is to have one beneficlary, may your not be done. trust will be royalty anc or in default an The thereof, only to his heirs I can recognizedes a stockholder, trust in which your trust entirely different one in will which be the the other stockholders will be the beneficiaries. That, all of us here feel, should be avoided if possible, Every tine another method of handling moneys 1s injected, the difficulties are inereased, and it micht even others in their arrangement, . be solace, that your even to trustees the may extent not substitute required by such an.