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services, in connection with: (a) the formation of
Otrabanda ($12,215.57), (b) the purchase by Otrabanda
of certain certificates of deposit ($12,537.03), (c)
the sale by Otrabanda of such certificates
($23,193.51), (d) the assignment of Otrabanda’s right
to receive payments from such sale ($6,209.58) and (e)
other related matters ($13,844.31). * * *
Otrabanda paid commercial paper fees as follows:
Date of Payment Amount
August 10, 1990 $385
September 7, 1990 605
October 5, 1990 315
November 6, 1990 645
December 7, 1990 575
January 19, 1991 215
February 14, 1991 315
March 15, 1991 330
April 17, 1991 290
May 31, 1991 195
June 18, 1991 100
VII. Otrabanda Transactions
A. Otrabanda's Purchase of Certificates of Deposit
On June 29, 1990, Otrabanda purchased from Industrial Bank
of Japan (IBJ) 4 newly issued $25 million floating-rate
certificates of deposit (IBJ CDs) for a total principal amount of
$100 million. The IBJ CDs included a European-style put option
exercisable at par plus accrued interest by the holder on January
15, 1992, and were due to mature on June 21, 1995. The IBJ CDs
bore interest at 8.25 percent for the first month and at 1-month
LIBOR minus 12.5 basis points thereafter.
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