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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Steve Duffy X-To: Stanley Horton X-cc: X-bcc: X-Folder: \Stanley_Horton_1\Notes Folders\All documents X-Origin: HORTON-S X-FileName: shorton.nsf Stan: V&E wrote/masterminded the partnership agreement for our MLP. It is complicated and has been amended several times. In view of these factors, V&E should tell us whether we can use the $2.5 million of cash from the insurance recovery to retroactively reclaim a portion of the 4th quarter API's. In particular, Baird should give us this opinion since he has handled the partnership agreement since day one. Baird is gone on vacation for the next week. He is planning to give us an answer within a few days of his return. He will give the matter serious thought, but what we are asking is pretty aggressive. His associate, Carlos Pena, has reviewed the partnership agreement and his first take on the question is that we cannot revise the available cash for the fourth quarter in this way. But the matter requires far more thought than this----and Bob will also need to talk with Lori (also gone on vacation) to come up with a meaningful answer for us. I will stay after this, but in light of the above, it will probably be early July b/f we get V&E's final position on this. If this won't do, please let me know and I'll explore other avenues of getting an answer out of V&E. Thanks. SWD
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