- 44 -
LIBOR Note Imputed
Payment Date Payment Principal Interest
October 2, 1990 $551,443 $528,099 $23,344
January 2, 1991 548,356 514,425 33,931
April 2, 1991 488,126 448,778 39,348
K. Transfer and Termination of 3 LIBOR Notes
On December 27, 1990, BOT assigned its rights under the
Norinchukin LIBOR note that it had purchased from Brunswick to
Banque Francaise du Commerce Exterieur (BFCE) for $7,510,040. On
January 2, 1991, Fuji paid $16,063,182 to BOT in cancellation of
the two Fuji LIBOR notes that BOT had purchased from Brunswick.
On June 28, 1991, Norinchukin paid $7,040,954 to BFCE in
cancellation of the Norinchukin LIBOR note.
L. Formation of SBC International Holdings, Inc. (SBC)
On April 3, 1991, Saba organized SBC International Holdings,
Inc. (SBC). Saba transferred $744,109 in cash, $49,835,451 of
Brunswick commercial paper, $27,902,067 of other commercial
paper, and the remaining Norinchukin LIBOR note valued at
$7,752,000 to SBC in exchange for all 100 shares of SBC's
outstanding stock.
On April 3, 1991, Saba amended its partnership agreement to
provide, among other things, that Sodbury would not pay any
portion of SBC's Federal income taxes.
Page: Previous 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 NextLast modified: May 25, 2011