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Outline Plan to Make Pimlico Non-Prof it Track Maryland Horsemen Send Details To Officers and Stockholders BEL AIR, Md., June 3. — A detailed plan which is hoped will lead to turning the 82-year-old Maryland Jockey Club into a non-profit organization was mailed yesterday to stockholders and officers of the association by Maryland horsemen. The Horsemens Benevolent and Protective Association, representing 95 per cent of all horsemen racing in Maryland, the American Trainers Association and the Maryland Horse Breeders Association have worked out the plan which required weeks of study. Knowns as the Maryland Jockey Club Foundation, the group would turn over to Maryland charities all profits after expenses and reasonable reserves. A long report, signed by Walter A. Edgar, Janon Fisher, Jr. and Charles W. Williams, contained the outline of the plan. In part, the report reads: "An exchange of 00 principal amount of the Foundations twenty-year sinking fund debentures bearing five per cent interest per annum, payable semi-annually, for each share of the clubs capital stock now issued and outstanding, the indenture securing the debentures to provide that a minimum of 50 per cent of the net income after taxes, of the corporation will be assigned to an annual sinking fund for the retirement of the debentures. The aggregate principal amount of the debentures initially to be issued will be ,270,000. If obtainable through the following retirement provision, 25,000 will be retired, leaving ,645,000 outstanding. "It is hoped that all, or substantially all, stockholders of the Maryland Jockey Club will agree to accept the new debentures. However, for the benefit of those stockholders who may prefer to realize cash for their shares, the Foundation agrees to purchase and retire up to" 25,000 principal amount of debentures and to arrange through the undersigned for the purchase and resale of 75,000 principal amount -f the debentures, to the end that an aggregate of not over ,000,000 principal amount of debentures will be so retired or purchased or resold. "This would be equivalent to 00 cash per share for those disposing of their debentures which would be above any known cost per share to any present stockholder. "Of the cash, estimated to exceed ,000,000, now held by the club, exclusive of the restricted building fund cash 00,-000 an amount not in excess of 50 per cent thereof may be utilized by the board of trustees for the purchase of debentures and their cancellation and retirement, if obtainable at 80 per cent of their face of par value."
