99 



Mr. DOOLITTLE. So you don't plan on cutting all these trees and 

 making a quick buck and turning it over to somebody with junk 

 bonds to follow in your wake? 



Mr. Campbell. No, sir. 



Mr. DOOLITTLE. We have heard testimony that you — let me see 

 where that is that you basically cheated the pensioners out of their 

 due and you indicated not one pensioner has lost a dime, but I 

 mean what is the situation with the pension? Did you knowingly 

 give money to a company that bought junk bonds that you knew 

 was going — or believed was going — to go out of business and leave 

 people high and dry? 



Mr, Campbell. At the time that the transaction was taking place 

 with Executive Life, that company was rated triple A by all the rat- 

 ing agencies. There was a bidding process to buy out those annu- 

 ities. All the major insurance companies participated in the bidding 

 and Executive Life won the bid. 



Mr. DOOLITTLE. So would it be fair to say that you were 



Mr. Campbell. At that time, it was rated triple A by the rating 

 agencies. 



Mr. DOOLITTLE. And have you — ^you yourself are going to be £if- 

 fected by this if you have been an employee for 20 some years with 

 the company. 



Mr. Campbell. That is true and our company prior to the merger 

 w£is buying annuities for individuals who were retiring from our 

 company from Executive Life. 



Mr. DOOLITTLE. So you are going to take care of the pensioners 

 and make sure that they get their due? 



Mr. Campbell. Yes, we will. 



Mr. DOOLITTLE. $1 million in a new plant. Do you have any pic- 

 tures of that? 



Mr. Campbell. No, I don't, but I do have a picture of our new 

 town that we are rebuilding because on April 25, and 26, 1992, we 

 were impacted by three earthquakes over six points on the Richter 

 scale £uid our entire downtown area was burned to the ground. 



Mr. DOOLITTLE. When you say a new town, you mean one of 

 those company-owned-type towns? 



Mr, Campbell. That is correct. 



Mr. DOOLITTLE. You have rebuilt the company-owned town? 



Mr. Campbell. We rebuilt it. We put all the houses back on their 

 foundations and are building an entirely new shopping center and 

 I can give you a photograph of that if you wish. 



Mr. DOOLITTLE. Mr. Chairman I would like to get that and put 

 that in the record on file, 



Mr, Campbell, We were also doing that without any government 

 assistance whatever. 



Mr, DooLEY, Without objection, what item do you want? 



Mr. DOOLITTLE. The photograph of the new town and shopping 

 center building. It goes to the issue of good faith. They have been 

 impugned. It has been implied that they are not acting in good 

 faith, 



Mr. DoOLEY. Without objection. 



[The photographs are held in the committee files.] 



Mr. DOOLITTLE. Mr. Chairman, I suppose that red light means 

 my time is up. 



