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executed a second letter agreement in which Saba agreed to
indemnify Fides. During 1990 and 1991, Saba made the following
payments to N.V. Fides:
Date Amount
May 21, 1990 $53,921.81
August 22, 1990 1,156.50
September 20, 1990 972.16
January 3, 1991 1,035.10
March 15, 1991 1,093.31
April 17, 1991 1,191.57
June 21, 1991 1,074.35
On February 23, 1990, Saba (through Fides) and Merrill Lynch
executed a letter agreement under which Merrill Lynch agreed to
act as Saba's exclusive financial adviser. The letter agreement
does not state the amount of Merrill Lynch's fee for such
services. Merrill Lynch expected to be compensated for its
services (at least in part) by acting as the dealer in
transactions with Saba.
Saba maintained certain audited and unaudited financial
statements. The audited financial statements were prepared by
Arthur Andersen, Willemstad, Curacao (Arthur Andersen). The
unaudited financial statements were prepared by Fides pursuant to
its agreement with Saba.
Saba made the following payments to Cravath, Swaine & Moore
and Arthur Andersen for professional fees:
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