Re: Barretta Closing

<DKIESQ@aol.com>

when, does har adom close

Gideon told me that Barretta's sale will close on
Thursday. The proceeds of
that sale $13,935,660, will be used to purchase the
replacement property
from the accommodator who borrowed money from you to
make the replacement
property purchase. The accommodator is going to
wire the funds it receives for the
replacement property back to you. Rich Kahn asked
me if there was any
reason that you might want the money you receive to
be transferred back to FTC.
If so, he wondered whether or not we should wire
directly to FTC.

I remind you that the loan to the accommodator is in
your name individually
and not in the name of FTC. We probably don't want
a paper record which
could lead someone mistakenly to believe that FTC,
rather than you, entered into
a real estate transaction in the states.
Consequently, even if you decide
that you will wire the funds back to FTC, it is
probably cleaner and more
appropriate that the accommodator wire the funds to
you, and not FTC. Please
advise how you wish to handle the matter.

Darren K. Indyke
Attorney-At-Law
457 Madison Avenue
4th Floor
New York, New York 10022
Tel: 212-750-1176
Fax: 212-750-0381
e-mail: dkiesq@aol.com (mailto:dkiesq@aol.com)

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