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investing solely "in direct obligations of the United States
Government, with the exception of very short–term temporary
investments in other fixed income type instruments pending
investment in direct United States obligations." The partnership
agreement states further that the maximum maturity of any
instrument will be 3 years.12
The Gopher Fund was a general partnership formed on
January 2, 1981, to invest in securities. Among its founding
partners were Garvey, Inc., with Robert A. Page as president,
numerous trusts bearing the Garvey name, and a few CGF share-
holders.
Lake Union, a limited partnership formed on December 1,
1989, to acquire, develop, operate, and manage hotels, had four
CGF Partnerships as limited partners; namely, CGF One, L.P., CGF
Two, L.P., Cloud Grey, L.P., and Alpha One, L.P.
GAR Ninety, a general partnership between Garvey, Inc., and
GAR Four, a partnership of which Garvey, Inc., was managing
partner, was formed on June 17, 1988. Under the GAR Ninety
partnership agreement, Robert A. Page's name was the only one
required as a signatory to the agreement. GAR Ninety's business
purpose was "making investments in gold, and pending such
investments, direct obligations of the United States Government,
or Partnerships so investing, with the exception of very short-
12On Mar. 31, 1992, Net Venture's partnership agreement was
amended to provide that the maximum maturity of any investment
would be 5 years, and the maximum average maturity of all of its
investments would not exceed 3 years.
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