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Show 6 DESERET NEWS, THURSDAY, MAY 5, B 1977 Summa made poor investments, report notes Politics rewarding, Mrs. Nintheson says LAS VEGAS (AP) The Summa Corp., which oversees the vast estate of thf? late Howard Hughes, has a history of poor investment decisions. according to a report filed with the court here, officials said Wedilesday. Summa attorneys filed the report by the investment firm of Merrill Lynch, Pierce, Fenner & hcr family has ever had Smith with Clark County District Court Judge Keith Hayes who has been presiding over the Hughes "We all worked together. We'd' probate proceedings. never had anything this big or this The report includes an inventory, which supports important to work on before. Instead of a similar $169 million inventory list filed with Hayes pushing us apart, it pulled us together." in March, and recommends changes in Summa's operations. She said it is unfortunate that many Among the recommendations are a possible persons believe polities is a dirty, immoral business. "I saw a newspaper public offering of Summa stock and the liquidation of several Hughes propPrties, including his famed story that said the last prole ss,ho iumt flying boat which is now hangared in Long Beach, parents want their children to enter is Calif. politics. "It is not up to me to order these recommenda"Yet politics can make wonderful tions be carried out," Hayes said. "Maybe Summa things happen. Its an arena where -"deals and commitments to causes can a make positive goals reality." Norma Matheson, wife of Coy. Scott Matheson, urged citizens Wednesday afternoon to "get into politics and make our democratic system work." She spoke to Bonneville Kiwanians, their wives and daughters at the organizations annual Mother's Day meeting in the University Club. "When my husband began running for governor, I thought the months of the campaign were going to be awful for our four chilldren. "I imagined my husband and I would be away from them so much our family would suffer. But it didn't turn out that way at all. "Our children pitched right in, campaigned right along with us and enjoyed politics as much as my husband and "My oldest son, Scott, said it when lie told us at the beginning of the campaign it ulndd do everybody good to have a commitment outside personal pursuits and to get involved in M. :77-77-- AJ i ,...4 -- 1 A, HOME IMPROVEMENTTENTER ' , I - field. Turns any room into BOX SPRINGS & 5 law-relate- d She said the months of the campaign turned out to be the greatest experience FACTORY 0 521-353- LoRmTown.77... THE RENEW REDO... REDECORATE PLACE - 1 i Dial INANT ADS .......,..,-,-m,---....- r. She encouraged the Kiwanians to 1 "take on projects and get busy with I 1 public commitments -- beyond yourse- Ives and, involve your children as i well as yourselves." I politics'." MATTRESS industry and its history of poor earnings. The lengthy document calls for an effort to reorganize the corporation. The brokerage firm suggests the orderly sale of all surplus properties if there are no plans for their future development. Noting that the estate includes large blocks of land along the famed Lag Vegas Strip, the report cautions that the proposed sales must be carefully planned because of the potential blossoming of new hotels and casinos which could compete with the five hotels Summa already operates here. The report also notes that the Summa hotels and casinos here have not generally kept pace with the increase in gaming revenues in the state. has already started following the recommendations the report. Maybe whoever winds up with the estate will follow the recommendations. Maybe no one will follow them." Hayes explained that he does not have the power to issue orders concerning the business operations of Summa, only to preside over the probate proceedings.. Hayes said he has seen inventoi les in probate cases before, but never one with recommendations such as those included in the Merrill Lynch report. Summa has "a history of poor investment decisions," the report concluded. While suggesting a public offering of Summa stock, the report points out that the market is having troubles of its own at the moment, and that it is unusual for a firm the size of Summa to be offered for public sale. However, the report explains that outside investors may not take to the Summa stock because of the corporation's involvement in the gaming in zr Mrs. Matheson said her special I interest is education and she plans to devote much of her time in the next four years to projects in that 1 .4 warm family room a 1Tr. VAUNT PAM WARM ELOC1 'try, ElhancP any room in your home. 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