Opinion ID: 613690
Heading Depth: 4
Heading Rank: 3

Heading: Step Three: 2001 Fee Payment

Text: On December 28, 2001, Taxpayers determined that the accrued Cash Collateral Fee at that time was $7.8 million, and they wired that amount (the 2001 Fee Payment) to Refco. Approximately two weeks later, Refco returned an identical amount to Taxpayers. This amount was recorded as an increase in the amount of the cash collateral held by Taxpayers. In December 2002, a representative of Twenty-First Securities discussed with Thomas Ricks the possibility of Taxpayers paying Refco approximately $32 million in accrued Cash Collateral Fee. The representative stated that two weeks from the date the wire is initiated, the money can be returned to The Shiloh Trust. But Taxpayers did not end up making such a payment in 2002.