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Last week of July sale of these private placements for
cash ($120mm.) and installment note issued by AA or
better rated bank, with NPV of $30mm. Cash will be
invested in C.P. rated A-1/P-1 with a maximum of $20mm.
per name and a maximum maturity of 60 days. This to be
invested by ABN Trust and held by ABN New York.
In August the SPC's interest will be reduced to $50mm.
with a further reduction in early September to $20mm.
In December the SPC will reduce its involvement further
to $10mm. which will be reduced fully to zero in July
of 1991.
On June 19, 1990, ABN's North Atlantic Credit Committee
recommended approval of the second partnership "IN ACCORDANCE
WITH PREVIOUS ADVICES". On June 22, 1990, ABN's Risk Management
Department approved the transaction so long as ABN would have the
right to liquidate the portfolio if its interest in the
partnership were not reduced according to the proposed schedule.
B. Bartolo Corporation
On June 20, 1990, ABN established two stichtings, Rocky
Foundation (Rocky) and Jasper Foundation (Jasper).
On June 20, 1990, Bartolo Corporation, N.V. (Bartolo) was
incorporated in Curacao, Netherlands Antilles. ABN Trust was the
sole managing director of Bartolo. At the time that Bartolo was
incorporated, Rocky and Jasper each received one-half or 3,000
shares of the 6,000 shares of Bartolo common stock authorized to
be issued. Each Bartolo share had a par value of $1 for a total
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