Re: Island Global Yacting LP
they asked us before and we said no
--- DKIESQ@aol.com wrote:
Island Global Yachting LP
Seeks consent of its limited partners, including
Wexner Children's Trust II
($1.5 MM investment) to an Exchange Transaction in
which Island Capital,
certain of Island Capital's subsidiaries and the
limited partners of Island Yacht
Haven Partners LP (including Community Interests --
CI made a $5 MM
investment) would, if they elect to do so, exchange
their respective interests in the
Yacht Haven project for interests of equivalent
value in a controlled
subsidiary of Island Global Yachting LP which
interest will have the same rights and
obligations as WTCII's interest in Island Global
Yachting LP. The basic
idea is to consolidate Yacht Haven project into the
Island Global Yachting
deal. The consent required is 91 out of 180 Units
of Island Global Yachting
limited partnership interest. WCTII holds only 15
Units and would not likely be
able to prevent the transaction if it were inclined
to do so.Conceptually this consolidation is converting an
investment in the Yacht
Haven property which, although limited in scope,
seems to be starting to realize
its potential, into an investment in a wide
geographic array of similar
existing investments which are less far along, as
well as similar future
investment projects yet to be discovered. Although
the yacht haven project would be
included in the consolidated investment fund,
Community Interests' $5 MM
investment in Yacht Haven would be substantially
dilutedLimited Partners (i.e., Community Interests) of
Island Yacht Haven Partners
are not forced to participate in the exchange in any
event. Consequently, if
you should decide that you do not want to dilute
Community Interests' $5 MM
investment in the Yacht Haven project, then you will
not have elect that
Community Interests participate in the exchange and
Community Interests will be
able to maintain its interest in Island Yacht Haven
Partners.Limited partners in Island Global Yachting, such as
WCTII ($1.5 MM
investment) will benefit from being able to
participate in the Yacht Haven project,
even though the limited partners' interest in Island
Global Yachting could be
substantially diluted. Initially, if 100% of the
IYHP partners participate in
the exchange, the dilutive effect would be such that
an interest in IGY
would be diluted by 75%. However, after the
exchange once all of the uncalled
commitments of the IGY limited partners are
thereafter drawn down upon, the
dilutive effect on the IGY limited partner's
interest would be much less
dramatic, approximately 15%.Unless you advise me not to, I am going to forward
WCTII's consent to the
Exchange Transaction on Monday.Darren
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positve
--- Darren dkiesq@aol.com wrote:
You sure that wasn't second city?
Sent wirelessly via BlackBerry from T-Mobile.-----Original Message-----
From: "J. Epstein" jeeproject@yahoo.com
Date: Fri, 10 Feb 2006 15:02:44
To:DKIESQ@aol.com
Subject: Re: Island Global Yacting LPthey asked us before and we said no
--- DKIESQ@aol.com wrote:
Island Global Yachting LP
Seeks consent of its limited partners, including
Wexner Children's Trust II
($1.5 MM investment) to an Exchange Transaction in
which Island Capital,
certain of Island Capital's subsidiaries and the
limited partners of Island Yacht
Haven Partners LP (including Community Interests
--
CI made a $5 MM
investment) would, if they elect to do so,
exchange
their respective interests in the
Yacht Haven project for interests of equivalent
value in a controlled
subsidiary of Island Global Yachting LP which
interest will have the same rights and
obligations as WTCII's interest in Island Global
Yachting LP. The basic
idea is to consolidate Yacht Haven project into
the
Island Global Yachting
deal. The consent required is 91 out of 180
Units
of Island Global Yachting
limited partnership interest. WCTII holds only 15
Units and would not likely be
able to prevent the transaction if it were
inclined
to do so.Conceptually this consolidation is converting an
investment in the Yacht
Haven property which, although limited in scope,
seems to be starting to realize
its potential, into an investment in a wide
geographic array of similar
existing investments which are less far along, as
well as similar future
investment projects yet to be discovered.
Although
the yacht haven project would be
included in the consolidated investment fund,
Community Interests' $5 MM
investment in Yacht Haven would be substantially
dilutedLimited Partners (i.e., Community Interests) of
Island Yacht Haven Partners
are not forced to participate in the exchange in
any
event. Consequently, if
you should decide that you do not want to dilute
Community Interests' $5 MM
investment in the Yacht Haven project, then you
will
not have elect that
Community Interests participate in the exchange
and
Community Interests will be
able to maintain its interest in Island Yacht
Haven
Partners.Limited partners in Island Global Yachting, such
as
WCTII ($1.5 MM
investment) will benefit from being able to
participate in the Yacht Haven project,
even though the limited partners' interest in
Island
Global Yachting could be
substantially diluted. Initially, if 100% of the
IYHP partners participate in
the exchange, the dilutive effect would be such
that
an interest in IGY
would be diluted by 75%. However, after the
exchange once all of the uncalled
commitments of the IGY limited partners are
thereafter drawn down upon, the
dilutive effect on the IGY limited partner's
interest would be much less
dramatic, approximately 15%.Unless you advise me not to, I am going to forward
WCTII's consent to the
Exchange Transaction on Monday.Darren
Do You Yahoo!?
Tired of spam? Yahoo! Mail has the best spam
protection around
http://mail.yahoo.com
Do You Yahoo!?
Tired of spam? Yahoo! Mail has the best spam protection around
http://mail.yahoo.com