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capitalization of $6,000. Bartolo paid ABN Trust $28,338.94,
invoiced as a $25,000 fee for management, $3,335 for
incorporation costs, and $3 in expenses.
On June 25, 1990, Clavicor Corporation, N.V. (Clavicor) was
incorporated in Curacao, Netherlands Antilles. ABN Trust was the
sole managing director of Clavicor. At the time that Clavicor
was incorporated, Rocky and Jasper each received one-half or
3,000 shares of the 6,000 shares of Clavicor common stock
authorized to be issued. Each Clavicor share had a par value of
$1 for a total capitalization of $6,000. Clavicor paid ABN Trust
$6,013, invoiced as a $3,500 fee for management, $2,500 in
incorporation costs, and $13 in expenses.
On June 25, 1990, Rocky and Jasper transferred all 6,000
shares of Bartolo to Clavicor. Bartolo was organized to serve as
a general partner in Otrabanda because ABN was not interested in
assuming the unlimited liability of a general partner and the
funding that ABN would provide to Bartolo could be syndicated.
C. Otrabanda Organizational Meeting
By partnership agreement dated June 20, 1990, Brunswick,
Skokie, and Bartolo formed Otrabanda as a general partnership
under the laws of the State of New York. The partners agreed
that Otrabanda would maintain its principal place of business in
Curacao, Netherlands Antilles.
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