OCR Text |
Show The Salt Lake Tribune, Thursday, Jane Regardless of B Donald and James B. Steele Knight Newspapers Writers C) 1976. The Philadelphia Inquirer Here is what will happen: Upwards of 60 Hnent of the estate will go 10 the Internal Revenue Service in the form of estate taxes, the percentage depending upon the amount of claims and other expenses. The tax payments may be spread over a maximum of 10 years, with an annual interest charge on the unpaid balance now fixed at 7 percent. Two: Legal fees, administrative expenses and other claims will take anywhere from two or three percent to more than 15 percent of the estate, the ann unt depending largely on the outcome of several niajoi lawsuits pending against Hughes and his companies. Three: Depending upon which state probate laws ultimately are applied in the case, the balance of the estate will go, on paper, either to one relative or be distributed among 16 relatives Four: All Summa Coi p assets are presently held by a Delaware state court, sequestered in connection TWA Hughes lawsuit that may-drawith a 15 year-olon for years. Until that legal battle is resolved, Snmma's assets cannot be given away, notwithstanding the actions ol any probate court IRS, though, could probably have the order set aside to lice enough of the assets to pay taxes Largest F.state Tax? The federal estate tax payment. Washington tax il law sHcialists say. would be one of the largest not the largest in the nation history And in that there is a financial irony for both Hughes and the nn rican taxpayer , Over the past decade alone, the Hughes empire leeeived upwards of $6 billion m government contracts, contracts financed by the American One- The celebrated will iirst made public following the death of How ard Robard Hughes and the onlv one of the numerous Hughes wills that have surfaced to which any credibility has been attached is almost certainly a forgery and a fraud. As a consequence, the estate, which is Hughes wnrth much less than estimates previously published, seems certain to be all but gutted federal estate taxes, legal fees and administrative by expenses Indeed, it is possible that as little as 100 million to $200 million of the legendary Hughes billions" may ever bt distributed to relatives and heirs The rest of the fortune either doesn't exist, or is on its way to the federal government, from whence it came, m the Joi m ol estate taxes Those are some of the findings of a continuing investigation by The Philadelphia Inquirer into the Hughes business organization and into the tangled Fiit in a Series series of complex legal actions filed in recent weeks by Hughes attorneys and relatives in state courts in California, Delaware, Nevada and Texas. That investigation has established that: For every documents examiner brought forth , w hq,is ready to declare a Hughes w ill as authentic" there is another examiner ready to lala l the same will a a ' forgery." Kxamples' Wrong? 2. There are strong indications that memoranda ah eady mtioduced in proceedings in several courts around the country as examples ol Hughes' handw and thus used for comparative messages purposes - actually represent the writing of two or more persons 'i The overall value of the Hughes estate piaied at between $1.3 and $2.5 billion by newspaper, has been magazine, television and radio reports grossly exaggerated. Ir. fact, it is quite probable the estate will fall short of the $1 billion mark, 4 While the Hughes fortune will be far less than, published reports have estimated, because the same secrecy that surrounded the industrialist's organization while he was alive continues after his death, it .vill be ditlicult if not imixissible to determine whether the value of the estate has been further reduced by either mismanagement or diversion of assets. 5 If there is r.o legitimate Hughes will, what is left of the Hughes millions, after payment of federal esiate taxes and claims, will be distributed among a hdiicllul of lus relatives with whom lie had little contact and some of whom he never even met F state Taxes Huge 6. It is estimated that federal estate taxes, and interest pav nienls on those taxes, will range upu ards ut a dollais, the actual ligure depending upon the linal valuation placed on the estate and the total amount of claims 7. Although legal heal ings related to the Hughes estate, can be expected to drag on for years legal actions already are pending m lour courts in four different states there is one date that must be kept. 1(1 The lirst installment o the torieral estate tax bill must lie paid in July, 1977 percent of the total due 8 Depending upon the amount of cash and readiiv negotiable securities Hughes owmed when he died, it is quile likely that some of the assets of his wholly owned Summa Corp. will have to bt sold in order to pay both the tax bill and the interest due on the tax next year. The total payments for the year could reach nearlv $100 million While Hughes attorneys and relatives already are entangled m a morass of legal actions m four so that Howard Hughes continues m state courts dath as he did m life, in perpetual litigation if there is in lact no will, the ultimate disposition will follow fairly clear legal guidelines and can. to some degree, be dis erned in advance 1 rit-te- halt-billi- i. U.S. Will Get Most of Hughes Estate eert - discredit the findings of the panel Said Rhy net: Dcktor is merely one of many volunteers who have come forth to indicate errors in the panel's press release which was primed, as designed, in nearly every newspaper in the United States . Allan D. beil Jr., president of Dcktor, was quoted in newspapers then as saying his company volunteered its services because members of ins tirrn became "instinctively indignant when the report by the panel of experts was released, indicating the White House tape had been deliberately erased. Kiadz, Dektors questioned document!. examiner who is analyzing the Hughes will, said he had undertaken the assignment with the permission of his employer . Mu-hal- l OPEN DAILY d Vi I tu i I M hnwr, t ( 7mx, . select tie famous I hr out' box fibtint symt 1f fttlotflotn smut I bt fI tin (l ui t tton tojoo Horn tl tn t fl $ ojl f lit I mit OH t of fit . it . )n tf nil no ,f. it . . Ortho-qualit- merchandise y jr promise because prices are too high. We make our own mattresses, convertible sofns and corner groups in our own factory , . . then sell them factory-direct to you from our own Showrooms. No middlemen! Not one added expense for you. Choose from many king, queen, twin and full mattress sets. Select from beautiful convertible sofas and corner groups. Just drop in to your neighborhood Showroom today. You'll be delighted with the values 4 r you will find with Ortho! lHU-mmu- six-ma- n The panel had concluded that the gap in the tape recorded White House meetings between President Nixon and his aides was caused by erasing and and that there were at least tive. and perhaps as many as nine separate erasures of The report by the panel of experts also contradicted suggestions by Miss Woods and White House officials that the gap on the tape was caused when the wrong button was inadvertently pushed on the recorder while the tape was being transcribed Attorney Released Report At the time. Miss Woods attorney, Charles S. Rhy net, released the Dektor report in an effort to saw thcl homo ami their livo liolpod thorn ORTHO CROWN Look at al1 the value you get' A lavish king-siz- e mattress set . mattrece and for a very Theres an Ortho Factory Showroom Near You Open Daily Sat. 10-- 6 Sun. 10-- 9 ORTHO REST Sleep easy with the splendid comfort of this king set. rnatuess and 2 foundations Available in factory select fabrics only. QUEEN SIZE $208 Both Pieces foundations 2 buclqel-rmnde- d price Stretch out and enjoy a aood moht s sleep night alter night1 Available in lactory-selec- t fabrics onlv mattre$$ i foundation i foundation FULL SIZE $148 Both Pieces mattre$s TWIN SIZE $128 Both 12-- 6 mattre$s & Pieces foundation KING SIZE ORTHO TENSION Enjoy the bounty of King set in actory-sole- ORTHO SLUMBER Both Pieces mattress & foundation & foundation Luxurious comfort lor your sieepinq pleasure Treat yourself to this king, mattress and 2 foundations Available in f actory-selefaorics only QUEEN SIZE $238 Both Pieces TWIN SIZE $78 Both Pieces mattiess mcluds mattress and A.ailubie mattress 1 foundation Both Piece FULL SIZE $88 spaciou-nes- s King-size- d QUEEN SIZE $V8 2 foundations G fabrics on'y QUEEN SIZE $158 Both Pieces mattrefts & foundttic FULL SIZE $118 Both Pieces mattress & found! TWIN SIZE $98 Both Pieces mattreu from our iactory warehouse I foundation CONVERTIBLE mattre$i FREE DELIVERY mattr$$ foundation i both Pieces foundation TWIN SIZE $148 Both Pieces , mattrcxt V. & foundation CORNER GROUPS SOFAS Ortho Products are manufactured f .? & FULL SIZE $168 by Ortho and sold only through fv V !'V.-- Ortho Factory Showrooms. j Home Sentry Smoke Alarm electric general ISrl UTAH Salt Lake City All Locations WYOMING Layton Burton Ee tin. Ernst Home Centers Evanston avtnr Drug 5.msaction Center DahoKen's Hann n Ogilen D.)hr Ken s Drug h rK Oism Dahnkeo s Grand Central Stores azm A Mart Safeway Stores PARTICIPATING Merchant's toe Ssagg'v Drug A, loat Sharn rieUrg ons) 2MI Dopt Stoics T 2 bolsters 2 coverlets and a lammateh simulated walnut tuule Corft itH Ortfco Mattrtst Co w V Inc. THE NATIONS LARGEST CHAIN OF MATTRESS SHOWROOMS Hautz LaBcHes Peterson's (2 S' veisdtile1 This ginup includes ? mattresses 2 foundations, rrx mis iiUU I 2 locutions) MADERA FUTURA Handsome seating comtoit in living room, den, fami'y-rooInstant sleeping space for 2 when OTi you need it. j Available in M pel Full ISIS factory select fabrics only S,e See these dealers for details: rue Vaiut STORES : you really vzanl. You do not have to com- King-tim- Alarm ij . d Smoko 5 ... lec-lus- ini ed that tin (IE Home Sentry t & Middlemen cost you money so, vve eliminated them1 That means your dollar goes further w:th us . lets you purchase more actual merchandise not waste your money on any unnecessary overhead costs1 Your dollars stretch further so that you can Although more than two dozen alleged Hughes died Apiil 5. wills have surfaced since the only Ihe will found m the Mormon Hum h headquarters has hen submitted for probate to courts m both I uis Vegas and Iw Angeles Attorneys for Hughes Summa Uorp and rein lives o! Hughes further contend the wdl was not vvutten by Hughes But Noah Dietrich who was named execiitor in the purported will has steudlasily maintained that il is genuine Dietrich, who lor Attorneys tor the 7 year-olyears was Hughes chief business executive and tmuiK-ia- l adviser, say they are awaiting a rcqiort on the authenticity of the will by a Maryland questioned documents examiner Michael P. Krnd Kradz is employed as a training director" by Dcktor Counterintelligence and Secuiity. Inc., of Springfield. Ya , a suburb of W ashington. D C Defended Nixon SecretaryTwo years ago. Dcktor volunteeiiu its sen ices in another prominent case, coining to the defense of e Rose Maiy Woods. Piesnient Nixons secretary, during the height ol the Watergate scandal In January. 1974, Dcktor submitted a report to Miss Woods attorney stating that an gap 011 a crucial White House tain may well have materialized as a result of a tnec harm al failure in the tape recorder a firm organized by a The opinion ol Dcktor differed sharply tormer Army intelligence oifieer from an earlier opinion of a panel ol experts appointed by U.S. District Court Judge John J. Sirica On the night of I 23, 197.'. while the Eidmailli family was asleep, a slnokv file started in their hitihen. With the window s closed unci the inside doors open, the could have been overcome hy smoke 1'he (IF. Ilona- - Sentry Smoke Alai in m their hedronnl sounded all alarm before they sui limbed to smoke Jtinl in time Pu- them to e.x mgiiish the hie. The lives of many of the .000 men, Aomen and thlldieii who died in home Pres t year might have been saved if, like the Krdmunna. they had been w arned m time. 'Ihe ULllome Sentiy Smoke Alarm is an early-arnmg ionization dev a e that snitls" the air for the ptesem-- of smoke and sounds an alarm as soon as smoke i eat lies it. Ru k Hidmaiin i hose the battery OK Homo Sentry hei.use it ran sound an alarm even if household power faiK Ami smoke alarm it's the only battery-operaten von ran im with n 3 point clg eking sure yourself that tla alarm is in working order. I lepctiding on your home, you may need more than one milt. Ot course , im one can gnaiantee against injury or loss of life in a file. Hut the Erd- 7 i SUN. 12 to 6 la--- KuUttuou nutl ft, n (IntnjlJ f ltob m taxpayer manns are 'lot htnt vHftjfitCSz,':' SAT. 10 to 6 . v if 'I in ftnnt of bt LU. to 9 PM. - sy-te- h '. -- j. 1 a someone else 0 d Li . E "I gt permit non than tin couit 'in l,us Niga-and went out there and photogi aphed it, the oi iginal, and natuially the people involved will get a report from me 1 1 Thanks to GEs Home Sentry Smoke Alarm, we were able to save our home and our lives! ; - ?! I 1 FBI. 10 a if- XKWW X Let me put it to you tins way, he said. T was cppmac hed to kok at Ihis thing, okay? And otfered to do this, and look at it, as a friend of the court. - mn. thru nrrpp? ini t Ti Not By Dietrich' Although he has been identified in Wtst Coast newspapers only as a handwriting expert retained by Dietrichs attorneys. Kradz indicated he had been bv ,'l GRAFFITI However. Kradz. who said he had 32 years ol experience m police work, declined to say who had hired him to examine the Hughes will retained 3, 1976 PHONS 6148 South State Street 2684563 MURRAY across from Fashion Place in OODIM W86 FREE DELIVERY TO OGDEN, POVO & SAIT LAKE A8EA WASHENGTOM Corwer of ifak H, Hm. |