TIMELINE OF HAMPTON MACHINE TOOL COMPANY

Dec 1st, 1978

Request loan

Dec 15th,
1978
Accepted by
Louis Bank

Sept 12th, 1979

Dec 31st, 1978
Ask for new
Hampton received
the cash of $1M and loan extension
$2M cash surplus
(Repurchase 75,000
shares; $10 par =
Total cost $3M)

Oct 31st, 1979

Expect to get
new loan
$350,00 to pay
for new
equipment 8
years, 0
salvage value

Dec 31st, 1979

Pay back loan
$1.35M plus
interest
Pay $150,000
dividend

December
1st, 1978
Hamptons
president;
Benjamin G. Cowins, requested the initial loan of $ 1 million to
facilitate purchasing the stock of several dissident shareholders. While
Hampton had enough cash for normal operations but excess cash was
not sufficient to effect the stock redemption.
December 15th 1978
Mr. Jerry Eckwood, vice president of the St. Louis National Bank, had
approved the loan to Hampton because Mr. Cowins had traditionally
kept its ample cash balances on deposit at the Louis Bank, and he was
widely respected in the business community.
December 31st, 1978
Hampton took down the loan at the end of December 1978. The
proceeds of the loan plus $2M in excess cash were used immediately
to repurchase 75000 shares of Hamptons $10 par value stock, which
had a total cost of $3M.
September 12th, 1979
Mr. Cowins had made his request for the extension of the existing
Hampton note until the end of the year plus an additional loan of
$350,000 to finance equipment purchases.
October 31st, 1979
The loan of $350,000 is expected to be getting by the end of October
31st, 1979 with monthly interest payment remaining 1.5% of principal.
December 31st, 1979
Mr. Cowins stated that he expected to be able to repay both loans in
full and to pay dividend of $150,000 to stockholders by December 31st,
1979.