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In connection with that letter, petitioner offered a second
letter, which petitioner alleges was Mr. Jouannet’s response to
Mr. Lerner. The exhibit reads:
Pursuant to your letter of November 21, 1997,
relating to the transactions that I negotiated with you
during the last quarter of 1996, my recollection is as
follows:
1/ Generale Bank Nederland NV (GB) and Credit
Lyonnais International Services SA (CLIS) under
the instructions of their affiliate Consortium de
Realisation (CDR) entered into an Exchange and
Contribution Agreement with Rockport Capital
Incorporated whereby they contributed stock of
Santa Monica Holding Corp (SMH) and indebtedness
owing by SMH to GB and CLIS in exchange for
preferred interests in Santa Monica Pictures LLC.
That agreement was passed on December 11, 1996.
2/ Subsequent to entering into the LLC agreement CDR
(and consequently GB and CLIS) opted, as I
understand it for reasons in relation to its 1996
year end accounts, to dispose of their preferred
interests in the LLC at the end of their financial
year pursuant to the right granted to them by a
Letter Agreement entered with Rockport
simultaneously with the Exchange and Contribution
Agreement.
To the best of my recollection notice of such
decision to assign, was given to Rockport in the
second half of December 1996 and the transfer
became effective on December 31st 1996.
Respondent objected to this response on hearsay grounds. The
Court sustained respondent’s objection. On brief, petitioner
seeks to have the Court reconsider its ruling.
Because Mr. Jouannet is deceased and unavailable to
testify, petitioner offered this exhibit under rule 807, Federal
Rules of Evidence, as an exception to the hearsay rule. Rule
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