- 12 -
years it was nominally due, through the following combination of
cash and partnership promissory notes:
Per Partnership Unit
Partnership
Year Cash Promissory Note
1 $3,500 $ 46,500
2 2,800 47,200
3 2,000 48,000
4 -0- 50,000
5 -0- 50,000
Drake’s purported debt obligations to Hemisphere with regard
to the above technology license fees were never reduced to
written promissory notes.
By executing the subscription agreements with regard to
their investments in Drake, each limited partner of Drake
purported to assume personal liability on Drake’s stated debt
obligations to Hemisphere under the technology license agreement
to the extent of the unpaid portion of each limited partner’s
per-unit stated $112,500 deferred capital contribution obligation
to Drake.
Other related partnerships, under similar license agreements
of the same EOR technology, agreed to stated debt obligations to
Hemisphere in total stated principal amounts ranging from $7.2
million to $87.7 million, and the total principal amount in each
case depended on the number of limited partnership units that
were sold to investors.
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Last modified: May 25, 2011