On Thursday, May 25 you were repaid $2,535,786.72  from the refinance of David's home ($1mm) and my home ($1,535,786).   We forwarded the funds to paydown your personal Bank of Amercia (BA) LOC.   The Family Partnership had to borrow from your personal line at BA $200,000 to  cover the $588k cash call for SRE properties.  With today's closing prices,  the Family Partnership's available BA line is between $25k-$50, which is an  estimate because mutual funds don't post their NAVs until around 5pm (Central  time).  That makes the Partnership's  total payable to KLL/LPL  personal line at $1,303,500.
 
I contacted the guys regarding the BBT Fund (Bass  family).  Per our conversation, I told them that the timing was bad,  but we did not want to miss out before they close the fund.  I indicated  that our initial investment would be the following: KLL/LPL personal $250,000;  KLL & LPL Investments, Ltd. $100,000; Foundation ? (possibly  $100,000).  The initial investment amount for the partnership, and  possibly the foundation, are about as low as we can go if we want to  get into the fund.  I am aware that the Foundation is waiting to as  long as possible to pay out any contributions os I wasn't sure if we wanted to  make something happen there.  Also, I indicated that we would prefer  to fund as late as possible, which looks like July  .  If we decide on doing something in the foundation they  have an Offshore Partnership to eliminate the tax implications of UBIT.   The Offshore Partnership is run exactly the same as the Onshore version, but is  unitized and pays a dividend rather than distributions to the investors.   Let me know if the amounts (above) to invest are okay with you and if you want  anything in the Foundation.