Maverick Capital
218) North Central Exprruway Suite 1300
Dallas, Texas 75206
(21-4) 4-44
"u(2) &*1.3་
Mr. Keith King
11 Hill Street
Douglas, Isle of Man
I am following up to my memo to you of September 30, 1993. I find that since I was trying to do so many things at one time on that day, that I may have not been clear with my instructions. This letter is a follow up to clarify the requested transactions between Maverick Fund, Ltd. and Maverick Fund USA, Ltd.
Maverick Fund, Ltd. was formerly First Dallas International, Ltd.
Correspondence should be sent to MeesPierson, Attn.: Mr. Roger Hanson,
P.O. Box 2003, Grand Cayman, Cayman, Islands, British West Indies,
with a duplicate by facsimile to Maverick Capital, Ltd. Maverick Capital,
Ltd. Is the fund advisor to Maverick Fund, Ltd.
Maverick Fund USA, Ltd. is a new Texas Limited Partnership going into
business effective 10/1/93. Maverick Capital, Ltd. is the General
Partner to Maverick Fund USA, Ltd. All correspondence should be sent
to Maverick Fund USA, Ltd. at 8080 N. Central Expressway, LB-31,
Dallas, Texas 75206, I do appreciate a facsimile at the time of the
trade.
At the close of business on September 30, 1993 the Maverick Fund, Ltd. portfolio was priced at market and 36% of the portfolio was allocated to Maverick Fund USA, Ltd. versus payment at market.
Will you please confirm to at your earliest convenience that the securities held at City & International are now held in two accounts as follows:
Permanent Subcommittee on Investigations
EXHIBIT #66 - FN 924
*$16,875,000 face owned by Maverick Fund, Ltd. is held as collateral by ABSA Bank and is not in your possession.
If you need any further organizational or financial information on either company please let me know and i will supply it to you. During the month of October, all trades will be allocated 36 % to Maverick Fund USA, Ltd. and 64% to Maverick Fund, Ltd, and should be ticketed in that manner.
I talked further with Fred Schilling today, and he does seem interested in utilizing your firm's expertise. Fred seems to be doubtful that Bear will be in a position to advance margin money and take possession of securities by October 21. Do you have any banking alternatives? If not. we will plan to settle on the 21st.
CONFIDENTIAL
SEC100042851
The rights and obligations of the parties to the transactions contemplated herein are set forth in and will be governed
by certain documents described herein. This Confidential Private Placement Memorandum contains summmaries of
vertikin of linné documents; however, reference is hurchy made to the actual dostuments for a complete description
of the rights and obligations of the parties hereto. All such summaries are qualified in their entirety by this
reference.
Maverick Income Fund, L.D.C. (the "Fund") will make available to prospective investors in the non-voting
Ordinary Štharms offered hereby ("Shares") the opportunity to ask questions of, and receive answers from, the Fund
comobraiing the offering of the Shares and to obtain additional relevant information that the Fund possesses or on
acquire without warensonable effort or expense. No Shares may be sold without delivery of this Confidential Pstrate
Phomance Mumbrarium.
THE OFFER AND SALE OF THE SHARES OFFERED HEREBY WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") IN RELIANCE UPON THE
EXEMPTION FROM R
ACCORDINGLY, SHARES LAT ON PROVIDED BY REGULATION & PROMULGATED THEREUNDER
OFFERED AND SOLD IN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION $).
NOTWITHSTANDING THE FOREGOING, THE FUND MAY DETERMINE TO ACCEPT U.S. PERSONS AS
INVESTORS, PROVIDED SUCH PERSONS ARE "ACCREDITED INVESTORS AS THAT TERM IS
DEFINED IN REGULATION D PROMULGATED UNDER THE SECURITIES ACT.
Prospective purchasons of the Shares are not to construe the contents of this Confidential Private Pinoerment
Memorandum or any prior or subsequent communications from the Pund, the Investment Manager or any of their
officers, employees or agents, as legal, accounting, regulatory or tax advice. Prior to investing in the Shires, a
prospective purchaser should consult with its attorney and its investrami, accounting, regulatory sad tax advisors
to determine the consequences of an investment in the Shares and arrive at an independent evaluation of such
investment, inchading the applicability of any legal investment restrictions.
This Confidential Private Placement Memorandum doce not include information relating to events occurring
subsequent to its date, except as specifically indicated. The delivery of this Confidential Private PlacnenER
Memorandum at any time does not imply that information herola is correct as of any time subsequent to it date.
This Confidential Private Placement Memorandum has been furnished on a confidential basis; the information
contained hersla may not be reproduced or used for any other purpose,
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS OTHER THAN TROSE CONTAINED IN THIS CONFIDENTIAL PRIVATE
PLACEMENT MEMORANDUM AND, IF OVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON THIS CONFEDENTIAL PRIVATE PLACEMENT
MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER
TO BUY ANY SECURITIES OTHER THAN THE SHARES, NOR DOES IT CONSTITUTE AN OFFER OF
THE SHARES TO ANY PERSON IN ANY STATE OR OTHER JURISDICTION IN WHICH SUCH OFFER
WOULD BE UNLAWFUL.
INVESTMENT IN THE FUND INVOLVES A HIGH DEGREE OF RISK AND POTENTIAL CONFLICTS OF
INTEREST WHICH PROSPECTIVE INVESTORS SHOULD CAREFULLY CONSIDER BEFORE
PURCHASING SHARES. (SEE RISKS AND POTENTIAL CONFLICTS OF INTEREST THERE CAN BE
NO ASSURANCE THAT THE FUND'S INVESTMENT OBJECTIVE WILL BE ACHIEVED.
THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES
COMMISSION OR RBOULATORY AUTHORITY. FURTHERMORE, THE FORBODING AUTHORITIES
HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT,
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE
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