Question
From:(redacted)
Sent:Monday, April 24, 2006 4:35 PM
To:Verne, B. Michael
Subject:Quick question
I hope this is an easy question, but I'm not sure ofthe answer.
Xholds a 30% equity interest in a limited (call it is "upstream")partnership, the sole asset of which is a 20% interest in another("downstream") limited partnership.
Xincreases its equity interest in the upstream partnership to 50%, such that thetotal value of its holding exceeds $567 million. Is the transaction exemptbecause the upstream limited partnership holds no non-exempt assets?
Iwould say it's exempt, but am I missing something?