Salina Partnership LP - Page 7




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          to both the purchase of CPG in 1985 and the sale of the company in          
          1991.  At all relevant times, David A. Ackert was a vice president          
          at Goldman Sachs.                                                           
               In 1992, Mr. Ackert developed an investment strategy called            
          Special Treasury and Mortgage Partnership Units (STAMPS).  The              
          STAMPS strategy employed leveraged and hedged investments in short-         
          term U.S. Treasury securities, mortgage-backed securities, and              
          other arbitrage positions in fixed-income securities, in an effort          
          to provide a cash investment vehicle for corporate or institutional         
          clients seeking above-market returns.                                       
          The STAMPS strategy was designed not only as an investment                  
          strategy, but also involved accounting, tax, and legal                      
          considerations.  Mr. Ackert concluded that it would be preferable           
          for corporate investors to pursue the STAMPS investment strategy            
          through a partnership that would allow the investor the possibility         
          of “off balance sheet” accounting treatment.  Mr. Ackert believed           
          that off balance sheet accounting treatment was essential to making         
          the STAMPS strategy appealing to potential investors because, to            
          the extent that the program required a leveraged position, the              
          investor’s balance sheet would reflect the net amount of its                
          investment without showing any related debt.                                
               B.  BEA Associates/MAPS                                                
               In conjunction with the creation of the STAMPS investment              
          strategy, Mr. Ackert approached Mark Silverstein, vice president            






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