This is the content of an email: On Thursday, May 25 you were repaid $2,535,786.72 from the refinance of Da= vid's home ($1mm) and my home ($1,535,786). We forwarded the funds to pay= down your personal Bank of Amercia (BA) LOC. The Family Partnership had t= o borrow from your personal line at BA $200,000 to cover the $588k cash ca= ll for SRE properties. With today's closing prices, the Family Partnershi= p's available BA line is between $25k-$50, which is an estimate because mu= tual funds don't post their NAVs until around 5pm (Central time). That ma= kes the Partnership's total payable to KLL/LPL personal line at $1,303,50= 0. =20 I contacted the guys regarding the BBT Fund (Bass family). Per our conver= sation, I told them that the timing was bad, but we did not want to miss o= ut before they close the fund. I indicated that our initial investment wo= uld be the following: KLL/LPL personal $250,000; KLL & LPL Investments, Lt= d. $100,000; Foundation ? (possibly $100,000). The initial investment amo= unt for the partnership, and possibly the foundation, are about as low as = we can go if we want to get into the fund. I am aware that the Foundation= is waiting to as long as possible to pay out any contributions os I wasn'= t sure if we wanted to make something happen there. Also, I indicated tha= t we would prefer to fund as late as possible, which looks like July . I= f we decide on doing something in the foundation they have an Offshore Par= tnership to eliminate the tax implications of UBIT. The Offshore Partners= hip is run exactly the same as the Onshore version, but is unitized and pa= ys a dividend rather than distributions to the investors. Let me know if = the amounts (above) to invest are okay with you and if you want anything i= n the Foundation.
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Update - May 25, 2001