Estate of Anna Mirowski, Deceased, Ginat W. Mirowski and Ariella Rosengard, Personal Representatives - Page 29




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               Pursuant to section 3.4 of MFV’s operating agreement,19 no             
          interest holder,20 including Ms. Mirowski, was to have the right            
          to receive the return of any capital contribution except as                 
          otherwise provided in that agreement.  The only provision in                
          MFV’s operating agreement for the return of a capital contribu-             
          tion to an interest holder was in the event of the liquidation              
          and dissolution of MFV.21  Pursuant to section 4.4.1 of MFV’s               


               19Section III of MFV’s operating agreement is titled “Mem-             
          bers; Capital; Capital Accounts”.                                           
               20Section I of MFV’s operating agreement defined the term              
          “Interest Holder” to mean “any Person who holds a Membership                
          Interest, whether as a Member or as unadmitted assignee of a                
          Member.”  Section I of MFV’s operating agreement defined the term           
          “Member” to mean “each Person signing this Agreement and any                
          Person who subsequently is admitted as a member of the Company.”            
               21Section VII of MFV’s operating agreement, titled “Dissolu-           
          tions, Liquidation and Termination of the Company”, addressed,              
          inter alia, the distribution of MFV’s assets upon its liquidation           
          and dissolution.  Section 7.2 of MFV’s operating agreement                  
          provided:                                                                   
                    7.2.  Procedure for Winding Up and Dissolution.                   
               If the Company is dissolved, the General Manager shall                 
               wind up its affairs.  On winding up of the Company, the                
               assets of the Company shall be distributed,                            
                         (i) to creditors of the Company, including                   
               Interest Holders who are creditors, in satisfaction of                 
               the liabilities of the Company;                                        
                         (ii) to Interest Holders and former Interest                 
               Holders in satisfaction of unpaid distributions;                       
                         (iii) to Interest Holders for the return of                  
               Capital Contributions; and                                             

                                                             (continued...)           





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Last modified: March 27, 2008