Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner - Page 6

                                        - 6 -                                         
          Hope Jr., and Sunroad corporation were 12, 12, 12, and 64                   
          percent, respectively.  The partnership agreement also stated as            
          to the partners’ business relationship extensive details on,                
          among other things, the manner in which HCMP shall acquire its              
          capital, the manner in which HCMP shall allocate its profits and            
          losses, the manner in which HCMP shall be dissolved, and the                
          manner in which HCMP shall be liquidated following its                      
               On or about January 30, 1987, HCMP agreed to lease from the            
          Port District 1,315,440 square feet of tideland area located on             
          Harbor Island Drive in San Diego, upon which HCMP would construct           
          the marina.  The underlying lease (marina lease) was signed by              
          each HCMP partner and stated that the tideland area was let for a           
          40-year period beginning February 1, 1987.  On or about March 16,           
          1988, the Mutual Life Insurance Company of New York (MONY) lent             
          $13.5 million to HCMP (MONY loan) to acquire and develop the                
          marina.  The MONY loan was nonrecourse, and it was secured by an            
          interest in the marina lease granted to MONY by HCMP.  Each HCMP            
          partner signed and executed in favor of MONY a single $13.5                 
          million promissory note ($13.5 million promissory note), the                
          terms of which were governed and construed by California law.               
               The partnership agreement provided that the managing general           
          partner had the sole right to manage HCMP’s business.  During               
          HCMP’s existence, Collins vigorously challenged many of the                 

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011