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
may not be resolved prior to September 25, 2005 the existence of the Trust
is hereby extended until the earlier of (a) the complete distribution of the
Trust Estate or (b) September 25, 2006, 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 29th day of July of 2005.

                                           _____________________________________
                                           Charles R. Carson
                                           Trustee


                                           _____________________________________
                                           John J. Quirk
                                           Trustee


                                           _____________________________________
                                           Lester J. Mantell
                                           Trustee