copy and showed me the paragraph. It said, in effect, that if any participant failed to meet approved assessments, his share of the venture was forfeit, and would be divided among the remaining members in proportion to the interest they held at the time. He said it was perfectly legal, and the document had been signed, notarized and recorded.
“I went back to the beach house and it took me quite awhile to get it through Wilma’s head. Finally she understood that unless I came up with the additional money, we’d lose the two hundred thousand. She said it wasn’t fair. She said she would phone Calvin Stebber and get it all straightened out. I don’t know where she finally located him. She didn’t want me in the room. She said I made her nervous. After she talked to him, she came out and told me that he’d said his hands were tied. If he made any special arrangement for me, the others would raise hell. She said she’d asked him if he’d buy my share out, but he said his cash position at the moment was too low even to consider it at that time. He recommended raising the money, saying it was undoubtedly the last assessment, and he was certain the deal would go through any day. Wilma was agitated for a long time, but finally we sat down and tried to work it all out. I had, at current market, about fifty-eight thousand left in just two stocks. Standard Oil of New Jersey and Continental Can. I was going to have to sell something anyway to meet current expenses, as we had five hundred in the bank and three thousand in unpaid bills. I left twenty thousand in stocks, paid Crane Watts and the bills and put three thousand in the checking account.
“On September first the option price went up to forty dollars an acre, and they asked for exactly the same amount again. By then I had four hundred in the bank and the twenty thousand. But I knew we
had
to raise it. I’d taken the agreement to another lawyer by then. He said it was ironclad, and only a damn fool would have signed such a thing. That was the time Wilma really cooperated. I thought that she was really beginning to understand the value of money. We sat down together and put everything into the pot. The rest of my stock, the car,my cameras, her furs and jewels. She went over to Miami and sold her stuff. We were just able to get it all together, with about four hundred dollars over. We paid off, and gave up the beach house and moved to a cheap motel room five or six blocks north of the intersection of Fifth Avenue and the Trail, the Citrus Blossom it was called. We cooked on a grill in the room.
She kept asking what in the world we’d ever do if they asked for more. And she’d cry. It was her idea that I should make up a list of old friends who might come in on a good thing. She kept after me. I didn’t want to do it. Finally I had a list of thirty-two reasonably successful people who might be willing to trust me. She rewrote my letter several times, making it sound like the greatest opportunity in the world, and we made up thirty-two originals on the motel typewriter and sent them off, asking for a minimum of one thousand each, and any amount up to ten thousand they might want to put in. Then we waited. There were sixteen replies. Eight of them said they were sorry. Eight sent money. Four of them sent a thousand each. Two sent five hundred. One sent a hundred dollars and one sent fifty dollars. Fifty-one hundred and fifty that we put in the joint account. No letters came in the next week. I sent signed notes to the eight friends as I had promised in the original letter. Then I got a call at the motel from Crane Watts. Calvin Stebber was staying at the Three Crowns in Sarasota and he wanted us to come up and see him. Watts said it might be good news. Wilma had such a headache she said I better go alone. We had no car. I took a Trailways bus to Sarasota and got there at five o’clock, and at the desk they told me Mr. Stebber had checked out but he had left a message
“I went back to the beach house and it took me quite awhile to get it through Wilma’s head. Finally she understood that unless I came up with the additional money, we’d lose the two hundred thousand. She said it wasn’t fair. She said she would phone Calvin Stebber and get it all straightened out. I don’t know where she finally located him. She didn’t want me in the room. She said I made her nervous. After she talked to him, she came out and told me that he’d said his hands were tied. If he made any special arrangement for me, the others would raise hell. She said she’d asked him if he’d buy my share out, but he said his cash position at the moment was too low even to consider it at that time. He recommended raising the money, saying it was undoubtedly the last assessment, and he was certain the deal would go through any day. Wilma was agitated for a long time, but finally we sat down and tried to work it all out. I had, at current market, about fifty-eight thousand left in just two stocks. Standard Oil of New Jersey and Continental Can. I was going to have to sell something anyway to meet current expenses, as we had five hundred in the bank and three thousand in unpaid bills. I left twenty thousand in stocks, paid Crane Watts and the bills and put three thousand in the checking account.
“On September first the option price went up to forty dollars an acre, and they asked for exactly the same amount again. By then I had four hundred in the bank and the twenty thousand. But I knew we
had
to raise it. I’d taken the agreement to another lawyer by then. He said it was ironclad, and only a damn fool would have signed such a thing. That was the time Wilma really cooperated. I thought that she was really beginning to understand the value of money. We sat down together and put everything into the pot. The rest of my stock, the car,my cameras, her furs and jewels. She went over to Miami and sold her stuff. We were just able to get it all together, with about four hundred dollars over. We paid off, and gave up the beach house and moved to a cheap motel room five or six blocks north of the intersection of Fifth Avenue and the Trail, the Citrus Blossom it was called. We cooked on a grill in the room.
She kept asking what in the world we’d ever do if they asked for more. And she’d cry. It was her idea that I should make up a list of old friends who might come in on a good thing. She kept after me. I didn’t want to do it. Finally I had a list of thirty-two reasonably successful people who might be willing to trust me. She rewrote my letter several times, making it sound like the greatest opportunity in the world, and we made up thirty-two originals on the motel typewriter and sent them off, asking for a minimum of one thousand each, and any amount up to ten thousand they might want to put in. Then we waited. There were sixteen replies. Eight of them said they were sorry. Eight sent money. Four of them sent a thousand each. Two sent five hundred. One sent a hundred dollars and one sent fifty dollars. Fifty-one hundred and fifty that we put in the joint account. No letters came in the next week. I sent signed notes to the eight friends as I had promised in the original letter. Then I got a call at the motel from Crane Watts. Calvin Stebber was staying at the Three Crowns in Sarasota and he wanted us to come up and see him. Watts said it might be good news. Wilma had such a headache she said I better go alone. We had no car. I took a Trailways bus to Sarasota and got there at five o’clock, and at the desk they told me Mr. Stebber had checked out but he had left a message
Similar Books
