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Year MDT Base MSI Base
1988 $17,800,000 $11,700,000
1989 20,000,000 13,400,000
1990 22,300,000 15,200,000
1991 24,500,000 17,300,000
1992 24,500,000 18,200,000
Santandreu decided to refinance the $12.5-million promissory
notes with commercial paper to avoid the withholding, as was
accomplished on the $10 million. On March 23 and 24, 1988,
Manver deposited $9.03 million with Gatetown. On March 24, 1988,
the refinancing was accomplished by the following transactions:
Gatetown transferred approximately $4.03 million to Lince, which
transferred the same amount to Roundabout; Roundabout transferred
$2.673 million to Gatetown; Gatetown transferred approximately
$7.672 million to MDT, which then transferred this amount to
Manver.
Manver started the circle again by transferring
$2.672 million to Gatetown, which transferred that sum to Lince.
Lince transferred $1.41 million to Primavert, which transferred
that sum to Protravol. Lince transferred another $1.262 million
to Roundabout. Roundabout then transferred approximately
$1.944 million to Protravol. Protravol transferred approximately
$3.354 million to Gatetown, which transferred it to MSI, which,
in turn, transferred it to Manver.
By shifting the funds, which originated with Manver, through
the various entities, MSI and MDT used $7.672 million to reduce
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