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contributions and ownership interests of the initial MIL
partners, as follows:1
Percentage
Class and Contributor Contribution Interest
Class A limited partners:
Mr. McCord $10,000 --
Mrs. McCord 10,000 --
General partners:
Charles III 40,000 0.26787417
Michael 40,000 0.26787417
Frederick 40,000 0.26787417
Stephen 40,000 0.26787417
Class B limited partners:
Mr. McCord 6,147,192 41.16684918
Mrs. McCord 6,147,192 41.16684918
McCord Brothers 2,478,000 16.59480496
Total 14,952,384 100.0
Relevant Provisions of the Partnership Agreement
Among other things, the partnership agreement provides as
follows:
MIL will continue in existence until December 31, 2025 (the
termination date), unless sooner terminated in accordance with
the terms of the partnership agreement.
Any class B limited partner may withdraw from MIL prior to
the termination date and receive a payment equal to the fair
market value (as determined under the partnership agreement) of
1Under the terms of the partnership agreement, a class A
limited partnership interest does not carry with it a “Percentage
Interest” (as that term is defined in the partnership agreement)
in MIL.
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Last modified: May 25, 2011