- 16 - BEA to serve as its financial adviser “with respect to all securities and property with an initial value of $75,398,292.47" held by Chemical Bank. On December 28, 1992, Caraville, Pallico, and FPL executed an amended partnership agreement that included an expanded list of permitted investments. The partnership agreed to pay quarterly management fees to Caraville (totaling $750,000) during 1993 and 1994. The partnership agreement states that the partnership would be obliged to redeem FPL’s partnership interest or dissolve and liquidate at FPL’s request. On December 28, 1992, Goldman Sachs issued a letter to FPL stating that FPL did not rely upon Goldman Sachs for advice or information relating to the financial, legal, tax, accounting, or other matters in connection with FPL’s investment in Salina. On December 28, 1992, FPL transferred $76,540,327 to Pallico in exchange for a 98-percent limited partnership interest in Salina. FPL treated $73,890,327 of its $76,540,327 payment to Pallico as capital invested in the partnership. The $73,890,327 includes $390,327 representing Pallico’s share of Salina’s net partnership gain during the period December 17 to 27, 1992. Pallico retained $50,000 of the $76,540,327 payment that it received from FPL. Pallico transferred $73,890,327 to ABN–-the same amount that FPL treated as its capital contribution to Salina- -in partial repayment of the loan that ABN provided to Pallico inPage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011