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participants is due and payable within forty-five (45) days of
any call therefor by the General Partner". The general partner,
as defined in the agreement, included Dolan, CDLIC, and CMC, a
corporation owned by OBA.
The LICCDC partnership agreement provided that profits and
losses would be shared as follows: 99 percent by the class A
participants and 1 percent by Dolan until January 1, 1977; if
Payout had not occurred by January 1, 1977, 5.5 percent, 83.5
percent, and 11 percent by Dolan and CDLIC, the class A
Participants and the class B Participants, respectively; and 64
percent, 1 percent, 22.5 percent, and 12.5 percent by Dolan and
CDLIC, CMC, the class A Participants, and the class B
Participants, respectively after Payout or January 1, 1977,
whichever occurred later. Payout was defined to refer to the
date on which the aggregate cumulative cash-flow distributed to
the partners after the inception of the partnership equaled or
exceeded $1,500,000.
Class C and class D interests in LICCDC were created by
amendment to the LICCDC partnership agreement on January 1, 1975.
On the same day, Dolan and OBA formed the Hempstead Babylon
partnership to acquire the class C and class D interests. Within
10 days, on January 10, 1975, the C interests were sold to
Nassau/Suffolk Cablevision Investors for $4,500,000.
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