- 18 - a new note. It may not be available under Dutch law in which case we shall amend to suit your requirements. I shall be bringing new loan agreements with me prepared on the Grid Note Basis. 2. Laidlaw Investments Limited ("LIL"), LIIBV's parent, will sell a promissory note of U.S. $124,812,613 payable by Laidlaw Waste Systems Inc. at ABN prime plus 2 percent to LIIBV in exchange for a combination of capital of LIIBV and an interest free loan. The amount of capital that will be attributed to one share has to be determined by you and Ron Unger prior to Monday. This promissory note is dated October 14 and LIIBV will have to direct the borrower to pay the interest accrued from October 14 to October 19 to LIL. Ron Unger may need to advise the Dutch tax authorities of these transactions in advance. Please confer with him. LIIBV carried out the instructions in Haworth's letter at its board meeting on October 20, 1986. From February 4, 1986, to April 12, 1988, LIIBV's managing directors met 12 times. DeGroote was present at four of the meetings and voted by proxy at eight. Haworth was present at three of those meetings and Cairns was present at two. LIL owned 100 percent of LIIBV. LIL's proxies at shareholder meetings for LIIBV included specific instructions about future transactions. Cairns and Haworth signed all of the loan agreements, promissory notes, and assignments of transactions between LIIBV and petitioners on behalf of petitioners. LTL significantly influenced LIIBV's lending decisions and operations.Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
Last modified: May 25, 2011