McCormack writes a memorandum about the "State of the Union," noting that 1993 "has deteriorated significantly during the past several months" and proposes some strategic plans to improve the situation during the next 18 months. Attached are memorandums from various IMG executives, reporting on income projections for different divisions of the company, a copy of McCormack's State of the Union memorandum from September 21, 1992, and back-up information from Gretchen Mayfield, including earlier drafts of the State of the Union and income projections, and a geographic breakdown of the income projections.
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