- 323 -
Kanter and Weisgal performed the analyses for which payments were
made to Century Industries.
On February 1, 1984, Century Industries billed Satcorp
$100,000 for consultation, analysis, and recommendations
regarding the financing and structuring of investment
opportunities, specifically the structuring of a limited
partnership and the sale of units in the partnership. A letter
agreement dated September 12, 1984, sets forth the purpose of the
payments made by Satcorp to Century Industries. The letter
agreement provides:
This letter will briefly outline the relationship
between [sic] Satcorp, Inc. ("Satcorp") and Century
Industries, Ltd. ("Century") so as to encompass Burton
Kanter and Solomon Weisgal serving as so-called
"financial engineers" for Satcorp and its existing
operating companies and other projects it may
undertake. The scope of involvement will be
principally planning and structuring of transactions
for financings for Satcorp, its operating companies and
its future projects. It is intended that Century will
consider participating in the actual process of raising
financings, subject to fee arrangements to be agreed
upon in connection therewith, but will not be routinely
responsible for any such activities.
To accommodate the foregoing and the overall
relationship as it has been discussed, Century will
bill fees in addition to those outlined below for
services performed in connection with specific
ventures, provided all conflicts are disclosed and the
decision with respect to building in such fees has
carefully and conscientiously [sic] taken into account
any impact on successful fund raising.
The specific current engagement will be compensated as
follows:
Page: Previous 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 NextLast modified: May 25, 2011