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CONTENTS
FINDINGS OF FACT ..................... 7
I. Brunswick Corporation .................. 7
A. Business Groups ................... 7
B. Takeover Concerns/Defenses .............. 8
C. Divestitures .................... 11
D. Merrill Lynch Partnership Proposal ......... 14
E. The Zelisko Memorandum ............... 14
F. O'Brien's Interest Rate Forecast .......... 20
II. Algemene Bank Nederlands N.V. ............. 20
III. Saba Partnership .................... 23
A. Sodbury Corporation ................ 23
B. Skokie Investment Corporation ........... 25
C. Saba Organizational Meeting ............ 25
D. Miscellaneous Fees ................. 27
IV. Saba Transactions ................... 30
A. Purchase of Private Placement Floating Rate Notes . 30
B. Saba's Sale of Private Placement Notes ....... 31
C. McManaman's Tax Projections ............ 37
D. Brunswick's Purchase of 50 Percent of Sodbury's
Partnership Interest ............... 38
E. Brunswick-ABN Consulting Agreement ......... 39
F. Payments on 4 LIBOR Notes ............. 39
G. Distribution of 3 LIBOR Notes to Brunswick ..... 39
H. Brunswick's Sale of 3 LIBOR Notes ......... 40
I. Partial Redemption of Sodbury's Partnership Interest
......................... 43
J. Payments on Norinchukin LIBOR Note ......... 43
K. Transfer and Termination of 3 LIBOR Notes ..... 44
L. Formation of SBC International Holdings, Inc. (SBC) 44
M. Downgrade of Brunswick’s Credit Rating ....... 45
N. Dissolution of Saba ................ 45
O. Dissolution of Sodbury ............... 47
P. SBC's Sale of Remaining Norinchukin LIBOR Note ... 48
Q. Termination of Chase Private Placement Notes .... 49
V. Saba-Related Swaps ................... 49
A. Fuji and Norinchukin Swaps ............. 49
B. Sodbury-ABN-Merrill Lynch Swaps .......... 51
C. Bank of Tokyo Swaps ................ 51
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Last modified: May 25, 2011