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Subject: Apart from their size, these payments are indistinguishable from... fin. In addition to ignoring the large losses realized by JV in virtually every year of its existence, the Company's claim also completely overlooks the very substantial amounts paid by XXX to discharge the Bank's loan. Apart from their size, these payments are indistinguishable from the ECU _____ provided by the Company for which the Company is now seeking compensation from XXX. Indeed, the economic cost to XXX of repaying the Bank's loan (ECU ____) greatly exceeds the total amount of the capital contributions claimed by the Company as of the date of the Settlement Agreement. The Company's current settlement proposal thus fails to take account of both JV’ market value and XXX’s own substantial claim as a creditor of JV, a claim larger than the total pre-loss amount of the Company's capital contributions and one that in bankruptcy would have legal priority over the Company's claim as the JV's shareholder.
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