EXHIBIT 1
ACTION OF TRUSTEES UNDER CITY INVESTING
COMPANY LIQUIDATING TRUST AGREEMENT
The undersigned , Trustees under the City Investing
Company Liquidating Trust Agreement (the "Trust Agreement") dated September 25,
1985, by and between City Investing Company and the undersigned, hereby take the
following action pursuant to Section 6.2 (q) of the Trust Agreement:
RESOLVED that, because of the Trust's inability to
dispose of part of the Trust Estate in a commercially reasonable manner
prior to September 25, 1998 and the continued pendency of certain
litigation affecting the Trust, the existence of the Trust is hereby
extended until the earlier of (a) the complete distribution of the Trust
Estate or (b) September 25, 1999, unless an earlier termination is
required by the applicable laws of the State of Delaware or by the
action of the Beneficiaries as provided in Section 4.2 of the Trust
Agreement or a later termination is required by the Trustees pursuant to
Section 6.2 (q) of the Trust Agreement.
IN WITNESS WHEREOF, the undersigned have caused this
action to be taken as of the 28th day of July 1998.
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Geo. X. Xxxxxxxxxxxxxxx
Trustee
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Xxxx X. Xxxx
Trustee
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Xxxxxx X. Xxxxxxx
Trustee
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