- 24 -
Mr. Wilkins used 54 months rather than 52 months and 37
months rather than 35 months for the number of months
remaining before expiration of the initial user leases
for Exhibits A and C, respectively.
Projections
The record contains two sets of financial projections
that purport to summarize possible investment results to
the Trust, one set dated December 10, 1982, reprinted
herein as appendix A, and a second set dated December 16,
1982, reprinted herein as appendix B. We refer to either
set or both sets as the Projections. The Projections
dated December 10, 1982, were reviewed by petitioner and
are described in Robertson I. The Projections dated
December 16, 1982, were included as an attachment to the
Investment Memorandum.
Both sets of Projections convey essentially the same
information. They show that income would flow to the Trust
from three sources: Rental income, referred to as fixed
rent in the master leases, to be paid by Equilease over
the 8-year term of the master leases; additional income,
referred to as contingent rents in the master leases, to be
derived from re-leasing the equipment after expiration of
the initial user leases; and the "sale proceeds" from the
sale of the equipment after expiration of the master
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