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affiliates are authorized to purchase 3.9 million
shares of Series A common stock.
The LLC’s Financial Statements for the Fiscal Years Ended
December 31, 1999 and 1998
On April 6, 2000, Udovic faxed to Fontaine a copy of the
LLC’s unaudited financial statements for the fiscal years ended
December 31, 1999 and 1998. A statement of operations was part
of these financial statements. On the statement of operations,
the LLC reported $2,435,000 and $10,132,000 of dividend income
attributable to its Times Mirror stock for 1998 and 1999,
respectively.
Included with the LLC’s financial statements were notes that
contained, in pertinent part, the following comments:
Note 1–-Basis of Preparation
* * * The Company’s sole manager is The Times Mirror
Company who controls its operations and assets. The
Company began operations on July 31, 1998.
* * * * * * *
Note 2--Cash and Cash Equivalents, Marketable
Securities, Available-for-sale Securities and
Investments
* * * * * * *
Investments in Times Mirror stock are reported at cost,
as they are restricted from sale because the Company is
considered an affiliate of Times Mirror. The fair
value of the Times Mirror stock based on its quoted
market price was $1,015,186,000 and $742,666,000 at
December 31, 1999 and 1998, respectively. * * *
* * * * * * *
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