-219- 2. Relationship Between the Parties We are not persuaded that Mr. Jouannet’s interests, and those of CDR, were necessarily adverse to the interests of the Ackerman group and SMP, at least insofar as the tax characterization of the transaction was concerned. As previously discussed, Mr. Jouannet’s job was to realize whatever value he could in the Credit Lyonnais group’s “bad” investments and loans, as quickly as possible. Whatever value might be realized from these “bad” investments and loans depended in large part on structuring a deal whereby the potential buyer could exploit the associated tax attributes. At least to this degree, Mr. Jouannet’s and Mr. Lerner’s interests coincided. 3. Ackerman Group’s Exploitation of Tax Attributes The Corona transaction and the sales of receivables to TroMetro clearly denote the long-term objectives of the Ackerman group in entering into the transaction with CDR. The sales of the receivables to Mr. Lerner’s friend, colleague, and business associate, Mr. van Merkensteijn, were an essential component to realizing the built-in losses in the receivables.164 The sales of 164 In connection with his purchase of the receivables from SMP in 1997 and 1998, Mr. van Merkensteijn paid a total amount of approximately $1 million to SMP, either as cash downpayments or as principal and interest payments on his notes to SMP. In connection with his purchase of the $79 million receivable, Mr. van Merkensteijn paid approximately $400,000 ($120,000 as a cash down payment and $287,791 as principal and interest on his note). Besides the sales of the receivables, the Ackerman group had (continued...)Page: Previous 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 Next
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