FACT SHEET		in re:	Arizona Club -
				Cloud Club
				Proposed Merger

1. Arizona Club Board of Directors is not unanimously for this merger.

2. It is best to omit consideration of our "fixed assets" or "improvement to property of others, plus furnishings" as these bring little when sold. The Arizona Club logically devalued their fixed assets several years ago. (for over valuation of Cloud Club's encumbered fixed assets see paragraph I, page 4, of Cloud Club's financial statement dated September 30, 1969)

3. There is a difference of $228,363.66 in the "Liquid Assets", less all debt, of the two clubs.

		The Arizona Club is plus $165,759.63
		The Cloud Club is minus $62,604.03

4. Under the Cloud Club's proposal of merger, present Cloud Club members would gain control of the principal offices, (President, Secretary and Treasurer) the Executive Committee, and the Board of Directors of the Arizona Club.

5. The Luhrs Properties, Inc. (landlord) have advised the Board of Directors of the Arizona Club that the Arizona Club can:

	(a) save $12,000 per year rent on giving up the 
	7thFloor, or can
	(b) save $24,000 per year rent on giving up both 
	the 7th and 8th Floors. (these changes are effective 
	whenever we wish to make them)

6. See attached pages #10 and #11 of the latest financial statement of the Cloud Club, dated September 30, 1969.

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