- 7 - Sometime in or about October 2000, Countryside borrowed $8.55 million from Columbus Bank & Trust Co. (CB&T), and, on October 30, 2000, (1) Countryside contributed that entire amount in cash to CLPP in exchange for a 99-percent interest in CLPP, and (2) CLPP contributed $8.5 million in cash to MP in exchange for a 99-percent interest in MP. Therefore, on or about October 30, 2000, Countryside was a 99-percent shareholder in CLPP, and CLPP was a 99-percent shareholder in MP. On or about October 30, 2000, MP borrowed $3.4 million from CB&T. Both CB&T’s $8.55 million loan to Countryside and its $3.4 million loan to MP were guaranteed by Mr. Winn, and the loan to Countryside was secured by the Manchester property. Both loans provided interest at an annual rate equal to the London Interbank Offering Rate (LIBOR) plus 175 basis points. The due date was May 1, 2001, for the $8.55 million loan to Countryside and November 1, 2003, for the $3.4 million loan to MP. On or about October 31, 2000, MP used the $8.5 million received from CLPP and the $3.4 million borrowed from CB&T to purchase four privately issued notes from AIG Matched Funding Corp. (AIG) in the aggregate principal amount of $11.9 million (the AIG notes). The AIG notes were for principal amounts of $6.2 million, $2.6 million, $2.3 million, and $800,000. Each note became due on October 31, 2010, although the holder of each note possessed a right of redemption exercisable, in whole or in part, on the fifth interest payment date (April 30, 2003). Each note provided for interest at an annual rate equal to LIBOR minusPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: March 27, 2008