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The partnership agreement stated that an act of the
partnership committee would require the vote or consent of
partners whose aggregate partnership percentages were not less
than 95 percent.
By letter dated June 20, 1990, Otrabanda engaged Fides to
perform certain administrative and investment management
services. By letter dated June 20, 1990, Otrabanda entered into
an indemnity agreement with Fides. During 1990 through 1991,
Otrabanda made the following payments to Fides:
Date Amount
September 6, 1990 $50,822.79
November 14, 1990 1,471.75
February 14, 1991 1,742.61
March 15, 1991 2,390.15
June 21, 1991 1,028.01
On June 21, 1990, Brunswick representatives O'Brien and
Zelisko attended Otrabanda's organizational meeting in Bermuda.
ABN's representative, de Beer, participated in the meeting by way
of telephone conference call.
By letter agreement dated June 21, 1990, Otrabanda engaged
Merrill Lynch as its financial adviser. The June 21, 1990,
letter 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 Otrabanda.
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