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 certain contingent liabilities
cannot be resolved prior to September 25, 2002, the existence of the Trust is
hereby extended until the earlier of (a) the complete distribution of the Trust
Estate or (b) September 25, 2003, 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 30th day of July of 2002.

                                   --------------------------------------------
                                   Eben W. Pyne
                                           Trustee

                                   --------------------------------------------
                                   John J. Quirk
                                           Trustee

                                   --------------------------------------------
                                   Lester J. Mantell
                                           Trustee