20 Summoned to a Special Meeting

Package volume dropped off in January 1974, and we were once again on the down slope of our emotional roller coaster. In February the lending banks gave formal notification that the company was not achieving the conditions set forth in the loan covenants and, as expected, refused to release the final $5 million of their loan commitment. Charlie, Brick, and Fred continued working diligently to raise additional funds for the second round of the private placement, but conversion of the remaining Falcons began to fall behind schedule because the banks were withholding the hoped-for funds.

In February, volume was up again, and it looked as if the number of shipments in March would shatter all previous records. ...

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