No response yet from Bear. However, we continue to analyze the prospects for FTI appearing as the plaintiff in a Delaware Chancery Court action to compel Bear to hold the meeting in a timely manner. We are now cautiously optimistic, subjct to completion of some final analysis by our Delaware attorneys, that this course of action is legally viable, if FTI is willing to appear as the plaintiff. In case FTI will not ultimately agree to appear as a plaintiff, we also continue to actively seek additional clients who may be able and willing to appear as plaintiffs in a Delaware action.
I am scheduled to speak with senior executives from FTI about this prospect early tomorrow morning. We will keep you posted.
-Jim
----- Original Message -----
From: Panos Katsambas <panos@famnyc.com>
To: McCarroll, James C.; Abel Pacheco <apacheco@famnyc.com>; CMeyering@Sciensam <CMeyeringSciensam@scienscapital.com>; dkiesq@aol.com <dkiesq@aol.com>
Cc: Karides, Constantine; Gotthoffer, Lance
Sent: Mon Sep 17 12:04:41 2007
Subject: RE: Fw: Bear Stearns -- Revised Overseas Petitions
Any answer to this?
________________________________
Panos Katsambas
Fix Asset Management Services, Inc.
660 Madison Avenue, 15th Floor
New York, NY 10021
Tel: +1-212-332-4085
Cell: +1-917-392-4307
Fax: +1-212-758-7660
E-mail: panos@famnyc.com
________________________________
From: McCarroll, James C. [mailto:JMcCarroll@ReedSmith.com]
Sent: Thursday, September 13, 2007 3:32 PM
To: Panos Katsambas; Abel Pacheco; CMeyering@Sciensam; dkiesq@aol.com
Cc: Karides, Constantine; Gotthoffer, Lance
Subject: FW: Fw: Bear Stearns -- Revised Overseas Petitions
Gentlemen-
See below and attached. We will let you know as soon as we receive confirmation that a meeting is being set, or any other response. In the interim, we continue to analyze potential avenues to accelerate the process.
Please let us know if you have any questions.
-Jim
James C. McCarroll
jmccarroll@reedsmith.com
Reed Smith LLP
Direct Tel.: 212-549-0209
Main Line: 212-521-5400
Facsimile: 212-521-5450
599 Lexington Avenue
New York, New York 10022
View Bio <http://www.reedsmith.com/our_people.cfm?cit_id=2254&widCall1=customWidgets.content_view_1&usecache=false>
________________________________
From: anthony.latuja@americas.bnpparibas.com [mailto:anthony.latuja@americas.bnpparibas.com]
Sent: Thursday, September 13, 2007 3:07 PM
To: McCarroll, James C.
Cc: renee.fischer@americas.bnpparibas.com; luke.farber@americas.bnpparibas.com; robert.elliott@americas.bnpparibas.com; thomas.prunty@americas.bnpparibas.com
Subject: Re: Fw: Bear Stearns -- Revised Overseas Petitions
Jim,
The original executed documents were sent via overnight courier to Walkers Cayman today. I will let you know who signed for the package tomorrow. A copy is attached for your records.
Thanks,
Anthony
Renee FISCHER
Director
Legal Department
Equities & Derivatives
787 Seventh Avenue, 3rd Floor,
New York, New York 10019
tel : + 1 (212) 841-2239 mobile + (917) 207-4482
fax : + 1 (212) 471-8215
09/12/2007 10:54 AM
To
Anthony LATUJA
cc
JMcCarroll, Thomas PRUNTY, Luke FARBER, Robert ELLIOTT
Subject
Fw: Bear Stearns -- Revised Overseas Petitions
Anthony,
Please execute and submit the revised petitions. A form cover letter is attached as well. Copy in Jim McCarroll at Reed Smith as well.
[attachment "HGEL -- Draft BNP Letter re Overseas Petitions.doc" deleted by Anthony LATUJA/US/AMERICAS/GROUP]
[attachment "HGEL OVERSEAS -- FTI Petition I.pdf" deleted by Anthony LATUJA/US/AMERICAS/GROUP] [attachment "HGEL OVERSEAS -- FTI Petition II.pdf" deleted by Anthony LATUJA/US/AMERICAS/GROUP] [attachment "HGEL OVERSEAS -- FTI Petition III.pdf" deleted by Anthony LATUJA/US/AMERICAS/GROUP] [attachment "HGEL OVERSEAS -- FTI Petition IV.pdf" deleted by Anthony LATUJA/US/AMERICAS/GROUP] [attachment "HGEL OVERSEAS -- Schwartz Petition.pdf" deleted by Anthony LATUJA/US/AMERICAS/GROUP]
Many thanks,
Renee
----- Forwarded by Renee FISCHER/US/AMERICAS/GROUP on 09/12/2007 10:51 AM -----
Internet
JMcCarroll@ReedSmith.com
09/11/2007 03:42 PM
To
Renee FISCHER
cc
Subject
Bear Stearns -- Revised Overseas Petitions
Renee-
As we just discussed, I am attaching five revised overseas petitions, in each instance revised to address Bear Stearns' allegations of defects, along with a draft coverletter that we ask you consider transmitting on your letterhead.
As you know, Bear has asserted (we believe without merit, and in bad faith) that the original petitions were deficient in that you addressed them to the wrong entity (which of course is untrue), and that the fund must have no fewer than two directors (which is inconsistent with the terms of the fund's governing documents). Bear also has informed us that the new May 31 NAV should be used, and that Sandelovsky had been replaced with Quental, and therefore Quental should be the designated party to be replaced, rather than Sandelovsky. The attached revised petitions address each of these alleged defects, including, among other things, through adding Bart Schwartz as a proposed replacement director, in addition to FTI. (Note that Bart Schwartz is a pretty well known former senior official in the SDNY U.S. Attorney's Office (under Giuliani), and has served as independent monitor in connection with federal consent decrees and with many major companies, including Hewlett-Packard.)
Please let me know if you have any questions. Otherwise, please have the five petitions countersigned by the appropriate BNP representative. Also, if you find the draft coverletter acceptable, please put it on your letterhead, and send it out, along with the five petitions, at your earliest convenience.
Thank you for your ongoing assistance with this matter.
-Jim
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[attachment "HGEL OVERSEAS -- FTI Petition I.pdf" deleted by Renee FISCHER/US/AMERICAS/GROUP]
[attachment "HGEL OVERSEAS -- FTI Petition II.pdf" deleted by Renee FISCHER/US/AMERICAS/GROUP]
[attachment "HGEL OVERSEAS -- FTI Petition III.pdf" deleted by Renee FISCHER/US/AMERICAS/GROUP]
[attachment "HGEL OVERSEAS -- FTI Petition IV.pdf" deleted by Renee FISCHER/US/AMERICAS/GROUP]
[attachment "HGEL OVERSEAS -- Schwartz Petition.pdf" deleted by Renee FISCHER/US/AMERICAS/GROUP]
[attachment "HGEL -- Draft BNP Letter re Overseas Petitions.doc" deleted by Renee FISCHER/US/AMERICAS/GROUP]
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