Medieval Attractions N.V - Page 117

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               Andres Gelabert indicated that the minority                            
               shareholders would have no objection to this idea.                     
               * * *                                                                  
                    *      *      *      *      *      *      *                       
               Do not treat any of the monies spent already as either                 
               advances to or equity contributions to MC [MCI] or GC                  
               [GCI].  Instead, MDT should treat its advances or                      
               potential equity contributions as divisional                           
               expenditures and the “equity” contributions from the                   
               minority shareholders, if needed, should instead be                    
               treated as loans to MDT which, in turn, were used in                   
               the divisional projects.                                               
          IX.  Dividends                                                              
               MTNV paid dividends from the 1983 through 1985 profits on              
          January 27, 1986, and May 1, 1986.  The payments consisted of the           
          following:                                                                  
                         Spectrust           $ 31,070.42                              
                         Promidux            45,676.99                                
                         Dapy                45,674.67                                
                         Roundabout          29,413.55                                
                         Holiday             29,413.55                                
                         Wayout              25,892.41                                
                         Alfonso Chavez      12,946.21                                
                         Gloria Chavez        12,946.20                               
                                        $233,034.00                                   
          The payments were approximately in proportion to each payee’s               
          ownership interest in MTNV.                                                 
               MTNV paid dividends on 1986 profits on October 7, 1986, in             
          the following amounts:                                                      












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