-337-
and payable within forty-five (45) days of any call therefor by
the General Partner”. Id. at 5. The General Partner, as defined
in the partnership agreement, included Dolan, CDLIC, and CMC.
Id. at 22-24; Exh. 7319 (next to last page).
The LICCDC partnership agreement provided that profits and
losses would be shared as follows: 99 percent by the class A
participants and 1 percent by Dolan until January 1, 1977; if
payout had not occurred by January 1, 1977, then 5.5 percent to
Dolan and CDLIC, 83.5 percent to class A participants, and 11
percent to class B participants, respectively, until payout
occurred; and after payout (or after January 1, 1977, if it had
occurred by then, 64 percent to Dolan and CDLIC, 1 percent to
CMC, 22.5 percent to class A participants, and 12.5 percent to
class B participants, respectively. Statland Exh. 3A, at 6-7.
Payout was defined to occur on the date on which the cumulative
cashflow, which was to have been distributed to the partners
since the inception of the partnership, equaled or exceeded
$1,500,000. Id. at 7.
Class C and D interests in LICCDC were created by an
amendment to the LICCDC partnership agreement on January 1, 1975.
Statland Exh. 4. On the same day, Dolan and OBA formed the
Hempstead-Babylon Partnership (HB) to acquire the class C and D
interests. Statland Exh. 5. Within 10 days, on January 10,
Page: Previous 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 NextLast modified: May 25, 2011