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Pohlschroeder received a telephone message from Met Life stating
the insurance company's asking price. He did not return the
call. There were no negotiations prior to the scheduled meeting,
either by Colgate within the United States, or by ABN Trust, the
partnership's authorized representative for this purpose, outside
the United States.
Yordan attended the meeting of the Partnership Committee in
Bermuda on October 27 in order to advise the partnership
concerning availability and prices of Colgate's Long Bonds and
Euro Notes. At this time, Pohlschroeder prepared notes regarding
standing orders that ACM intended to issue to Merrill for the
purchase of the Long Bonds and Euronotes. The notes apparently
reflect a decision as to the timing of these transactions:
"Peter de Beer, Curacao will give instructions from C to M.L.
after Citi's purchase".
The second partnership meeting was held in Bermuda on
November 17, 1989. A representative from Met Life came to
Bermuda at this time to negotiate the sale of the Met Note. The
negotiation was not lengthy; price was the only issue, and the
parties split the difference between their respective offers. By
Note Purchase Agreement dated November 17, 1989, and effective
December 4, 1989, ACM purchased $100 million principal amount of
the Met Note for the aggregate purchase price of $99,291,000 plus
accrued interest.
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