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its 1.26 percent ASA interest was transferred to AlliedSignal,
leaving AlliedSignal and Dominguito as ASA's remaining partners
(i.e., AlliedSignal owned 75 percent and Dominguito owned 25
percent).
On June 1, 1992, representatives of AlliedSignal and
Dominguito met in Bermuda and liquidated ASA. They allocated
$2.3 million of accrued interest on the AlliedSignal Long-Term
Notes to AlliedSignal; allocated $624,741 of ASA's income to
Dominguito; and transferred $315,000, as previously agreed, from
Dominguito's capital account to AlliedSignal's capital account.
Upon liquidation, AlliedSignal received $3,756,307 and all the
stock of ASA Investments, Inc., and Dominguito received
$150,995,457 and a $10 million MCA Funding Corp. note.
X. Barber and Dominguito Are Liquidated
After AlliedSignal's August 1990 purchase of Barber's
interest, ABN exercised its options to acquire, from the Demian
and Freya foundations, Barber's shares at par (i.e., $6,000).
Barber immediately declared a dividend in the amount of its
remaining earnings and current profits. Three days later, the
Demian and Freya foundations reacquired these shares and
liquidation proceedings subsequently commenced. Similarly,
following the liquidation of ASA, ABN acquired the amount
received from the liquidation of Dominguito's ASA interest.
XI. AlliedSignal Sells the Remaining LIBOR Notes
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