The Honolulu-based firm sought to placate Irwin L. Jacobs, its major investor, over C&C;'s plan to merge with Flexi-Van Corp. but added that "any effort on your part to disrupt the proposed transaction would be very damaging." C&C; wrote Jacobs that the merger offered the best course open to the cash-short company, given the threat by its lenders to foreclose this month. "Given your relationship to Castle & Cooke," the letter stated, "if the proposed transaction is adversely affected by your actions, other Castle & Cooke shareholders as well as the company would have ample grounds to hold you personally responsible for depriving them of the benefits of the merger." Jacobs had no comment.
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