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Summary of the LLC’s Investment Activity During 1999
During 1999, Times Mirror directed the LLC to purchase
(1) approximately 2.1 million shares of Times Mirror common stock
for between $125 million and $135 million; (2) interests in
several Internet media companies; (3) Newport Media, Inc., for
$132 million; (4) Airspace Safety Analysis Corp. and ASAC
International, LLC, for $14.5 million; and (5) ValuMail, Inc.
Times Mirror also directed the LLC to contribute $233,252,000 to
TMCT II, LLC, an entity formed for the purpose of retiring stock
held by the Chandler Trusts.
Times Mirror’s and MB Parent’s Income Tax Returns for 1998
On September 14, 1999, Gastler signed Times Mirror’s Form
1120, U.S. Corporation Income Tax Return, for 1998. Times Mirror
did not disclose any information concerning the Bender
transaction on this Form 1120 or on any attachments to this
Form 1120.
On September 15, 1999, Vera Lang, treasurer of MB Parent,
signed MB Parent’s Form 1120 for 1998. Attached to MB Parent’s
Form 1120 for 1998 was Schedule L, Balance Sheet per Books, on
which MB Parent reported its total assets. According to the
Schedule L, the following amounts comprised MB Parent’s total
assets as of the end of 1998: (1) $1,613,268 of “Other current
assets” and (2) $1,457,251,204 of “Other investments”.
Furthermore, the following amounts comprised MB Parent’s “Other
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