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Otrabanda acquired approximately $40 million of Brunswick
commercial paper between December 5 and 7, 1990. Otrabanda held
Brunswick commercial paper until April 3, 1991, when it
contributed its commercial paper holdings to OBC International
Holdings, Inc. See discussion infra p.72.
C. Brunswick's Purchase of 50 Percent of Bartolo's
Partnership Interest
On October 11, 1990, Brunswick purchased 50 percent of
Bartolo's interest in Otrabanda for $69,239,696 in cash. For
purposes of computing the price to be paid for Bartolo's
interest, the partners relied upon Pepe to assign a value to the
Sumitomo LIBOR notes. Pepe valued the Sumitomo LIBOR notes at
$20,016,983, and then added to that amount the $750,000 private
placement discount and rounded up to derive a value of
$20,767,000. After Brunswick's purchase of 50 percent of
Bartolo's partnership interest, Brunswick held a 54.0009108-
percent partnership interest in Otrabanda, Skokie held a
.9990892-percent partnership interest, and Bartolo held a 45-
percent partnership interest.
On October 11, 1990, Bartolo transferred the $69,239,696
received from Brunswick to Clavicor. On October 11, 1990,
Clavicor transferred the $69,239,696 to ABN to be credited
against its loan account.
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