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THIS MEMORANDUM OR ANY PRIOR OR SUBSEQUENT
COMMUNICATIONS AS CONSTITUTING LEGAL OR TAX ADVICE.
* * * INVESTORS ARE URGED TO CONSULT THEIR OWN COUNSEL
AS TO ALL MATTERS CONCERNING THIS INVESTMENT.
* * * * * * *
THERE IS NO PUBLIC OR OTHER MARKET FOR THE UNITS, NOR
WILL SUCH MARKET DEVELOP.
* * * * * * *
THE PURCHASE OF SUCH UNITS DESCRIBED IN THIS MEMORANDUM
INVOLVES A HIGH DEGREE OF RISK (SEE “RISK FACTORS”) AND
SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN AFFORD THE
TOTAL LOSS OF THEIR INVESTMENT.
* * * * * * *
EACH PURCHASER OF THE UNITS HEREIN SHOULD AND IS
EXPECTED TO CONSULT WITH HIS OWN TAX ADVISOR AS TO THE
TAX ASPECTS.
In addition, the offering memorandum limited the sale of
partnership units to investors with a net worth (exclusive of
home, furnishings, and automobiles) of at least $150,000, or
investors whose net worth was at least $50,000 (exclusive of
home, furnishings, and automobiles) and who anticipated that, for
the taxable year of the investment, they would have gross income
of at least $65,000 or taxable income, a portion of which, but
for tax-advantaged investments, would be subject to Federal
income tax at a marginal rate of 50 percent.
The offering memorandum included a section entitled “Risk
Factors”, which was the single longest section. It began with a
general warning:
The purchase of the interests offered hereby involves
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Last modified: May 25, 2011