Turner Broadcasting System, Inc. and Subsidiaries - Page 12

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               e.  MGM delivered to the Disbursing Agent, as transfer agent           
          for UA, share certificates representing 49,745,137 UA shares,               
          which constituted all the issued and outstanding shares of UA.              
          MGM also instructed the Disbursing Agent, as transfer agent for             
          UA shares, to cancel the UA stock certificates held in the name             
          of MGM, duly endorsed for transfer to Tracinda, and to issue to             
          Tracinda UA stock certificates for an aggregate 49,745,137 UA               
          shares.  The Disbursing Agent delivered to Tracinda five                    
          certificates of UA common stock representing in aggregate                   
          49,745,137 shares.                                                          
               f.  MGM transferred $294,809,214.66 to its banks in                    
          satisfaction of its bank borrowings.                                        
               g.  MGM transferred to UA $17,275,000, which represented the           
          amount payable by MGM to UA under clause 6.2 of the Merger                  
          Agreement.11                                                                
               After the transfers described above, the balance of MGM's              
          account at the Disbursing Agent was approximately                           
          $140,399,278.34, with MGM having the right to instruct the                  
          Disbursing Agent with respect to the investment or transfer of              
          such funds.                                                                 



               11Clause 6.2 provided for the transfer of assets between MGM           
          and UA to give effect to the terms of the Merger Agreement and in           
          particular to reflect the agreement that there would be                     
          adjustments made to reflect the position of UA as if UA had                 
          operated as an independent company since May 31, 1985, until the            
          transaction closed on Mar. 25, 1986.                                        




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