- 44 -
investors made an aggregate capital contribution of
$51,381.
According to the partnership agreement, if the need
for additional equity arose, the general partner could
authorize any number of additional classes of limited
partnership interest. Purchasers of the additional classes
would be admitted to the limited partnership starting on
July 1, 1986. The agreement also states that the general
partner, in its sole discretion, may authorize future class
units from January 1, 1988, through and until the
termination of the partnership.
Before offering class D and class E units of limited
partnership interest in EA 84-III for sale, EPIC circulated
a confidential private placement offering memorandum (84
offering memorandum) dated April 1, 1985. The 84 offering
memorandum states that the class A, B, C, D, and E limited
partners' contributions would be used primarily to fund
operating deficits of EA 84-III. The 84 offering memo-
randum contains a chart summarizing EA 84-III's anticipated
sources and uses of the proceeds of the offering as
follows:
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