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co has leases on over 2,000,000 acres of land on gilf coast of Florida.
Leases were obtained in 1944. Lease payments have been made every year since then. Florida has attempted to prevent co from drilling or making use of leases. Courts in Fl. have rejected state case. Next and last state appeal is to St. Supreme ct. Decision expected by end of August. Major gas find by major oil co--Texaco--on Federal land off shore adjacent to co property. Half leases on shore and half off shore. Sk trades otc and Boston stk exc. 40,000,000 shs. outstd. Lykes family ownes approx. 20% of co. If decision in favor of co. would estimate that lease value in excess of $20 p.s.
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