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regarding registering the MMI stock and wiring the proceeds from
the payoff of Clend’s promissory note. In the May 28, 1997,
letter, Mr. Maycock also explained that different investment
proposals were being prepared for the approximately $3.4 million
to be received in satisfaction of Clend’s promissory note, and
the proposals would be forwarded to Mr. Pennoni and the Melniks
for their review.
By letter dated July 1, 1997, Mr. Maycock wrote to Mr.
Pennoni to summarize certain discussions at a meeting which Moshe
Melnik, Mr. Pennoni, and representatives of the Bank of Bermuda’s
investment department attended. In that letter, Mr. Maycock
stated as follows:24
The meeting allowed Mike to learn of alternative
strategies which could be adapted for the deployment of
funds totalling initially US $3.4 million and for their
diversification pursuant to the sale of some of the
shares of Metal Management Inc. upon the removal of the
holding restrictions in March of next year. Based on
the conclusions of that meeting it was agreed that
three investment proposals would be prepared with
different risk profiles i.e., ultra-conservative,
conservative and moderate. As you know, they were
hand-delivered to Mike at the Princess Hotel prior to
his departure.
Once the proposals have been reviewed by him and his
brother, Sol, may I suggest that he get into contact
with Fern who now has responsibility for the
administration of the affairs of Clend and the trusts.
She will in turn arrange with Joel for the funds to be
24References in the July 1, 1997, letter to “Mike” are to
Moshe Melnik. References to “Sol” are to Zalman Melnik.
References to “Fern” and to “Joel” are to Fern Inglefield and
Joel Schaefer of the Bank of Bermuda’s investment department.
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