EFTA01104798Set 9
2004-10-0160p17,336w
Fund claims
the 2005 Letter Agreement only applied to a single investment or "tranche" (the January 1, 2005
investment), and that FTC's remaining investments were subject to distinct lock ... This is the
"Tranche-by-Tranche" defense. As outlined below, the "Tranche-by-Tranche" defense is
demonstrably wrong as a matter of contract interpretation. The Fund's second defense ... third claim is based on the dubious assumption that the Fund's "Tranche-by-
Tranche" defense is valid. In other words, even if the Fund were right about
https://www.justice.gov/epstein/files/DataSet%209/EFTA01104798.pdf
EFTA01105263Set 9
2004-10-0160p17,309w
Fund claims
the 2005 Letter Agreement only applied to a single investment or "tranche" (the January 1, 2005
investment), and that FTC's remaining investments were subject to distinct lock ... This is the
"Tranche-by-Tranche" defense. As outlined below, the "Tranche-by-Tranche" defense is
demonstrably wrong as a matter of contract interpretation. The Fund's second defense ... third claim is based on the dubious assumption that the Fund's "Tranche-by-
Tranche" defense is valid. In other words, even if the Fund were right about
https://www.justice.gov/epstein/files/DataSet%209/EFTA01105263.pdf
EFTA00299085Set 9
2011-04-20312p64,295w
fair to say that if a lockup
9 applies to a particular tranche of an investment
10 for a period of time, restricting the amount ... take it out, during that period of
12 time you cannot take out that tranche; is that
13 fair to say?
14 A. No, it's not.
15 Q. Explain ... investment?
17 A. It would be prior to the May 2002 first
18 investment tranche.
19 Q. Did you have any conversations with
20 Mr. Zwirn about the lockup
https://www.justice.gov/epstein/files/DataSet%209/EFTA00299085.pdf
EFTA00613904Set 9
2002-11-2636p10,478w
have
been incompatible with DBZ's illiquid investment strategy. First, it would have created tranches
of investor money locked up for less—potentially far less—than two years.4 Second ... than
DBZ earned an incentive fee of 20% of net profits in each investment tranche. DBZ used a "high water
mark" concept, whereby an investor would not have ... losses from
prior periods. But there was a separate high water mark for each tranche, and losses in one tranche did
not cancel out gains in other tranches—DBZ earned
https://www.justice.gov/epstein/files/DataSet%209/EFTA00613904.pdf
EFTA01122915Set 9
2002-11-2636p10,457w
have
been incompatible with DBZ's illiquid investment strategy. First, it would have created tranches
of investor money locked up for less—potentially far less—than two years.4 Second ... than
DBZ earned an incentive fee of 20% of net profits in each investment tranche. DBZ used a "high water
mark" concept, whereby an investor would not have ... losses from
prior periods. But there was a separate high water mark for each tranche, and losses in one tranche did
not cancel out gains in other tranches—DBZ earned
https://www.justice.gov/epstein/files/DataSet%209/EFTA01122915.pdf
EFTA00812107Set 9
52p11,737w
EFTA00812144
EFTA00812145
While central bank investment tranches are Low banking sector exposure is accompanied
in some ways comparable to sovereign portfolios, by lesser build-up in the levels of reserves ... similarities in the approach taken to bank sample and segmented the central bank
investment tranches (in terms of risk asset allocation universe into developed and emerging markets to
and development ... change
have a broader set of functions, including local market with respect to investment tranches. Within developed
money supply, the role of lender of last resort and market central banks
https://www.justice.gov/epstein/files/DataSet%209/EFTA00812107.pdf
EFTA00587229Set 9
2006-03-273p778w
drafted hedge fund
documents before and opines that he commonly sees funds employ a tranche-by-tranche
approach. Conspicuously, the Fund's expert does not opine that this ... There is no evidence FTC knew of
an alleged "tranche-by-tranche" usage, and the Fund cannot establish that the "tranche-by-
tranche" approach is "so general, notorious, and universal ... evidence FTC knew of some industry practice to calculate redemption
periods based on a tranche-by-tranche basis. To the contrary, FTC has provided the governing
documents for its various
https://www.justice.gov/epstein/files/DataSet%209/EFTA00587229.pdf
EFTA00613940Set 9
2009-03-0358p16,044w
Thus, the Fund
maintained a record of each investor's separate investments (also called "tranches") for the
purpose of tracking the redemption rights of the individual investments.
And, the evidence ... funds,
the Fund's Investor Relations department determined which subscription (or tranche) was
available for redemption at that time and only permitted investors to redeem whatever
tranches were available ... redemption at that time (along with gains and losses associated
with that investment or tranche).3
Jeepers, however, takes the position that all of its multiple investments in
the Fund
https://www.justice.gov/epstein/files/DataSet%209/EFTA00613940.pdf
EFTA01114935Set 9
2009-03-0358p16,017w
Thus, the Fund
maintained a record of each investor's separate investments (also called "tranches") for the
purpose of tracking the redemption rights of the individual investments.
And, the evidence ... funds,
the Fund's Investor Relations department determined which subscription (or tranche) was
available for redemption at that time and only permitted investors to redeem whatever
tranches were available ... redemption at that time (along with gains and losses associated
with that investment or tranche).3
Jeepers, however, takes the position that all of its multiple investments in
the Fund
https://www.justice.gov/epstein/files/DataSet%209/EFTA01114935.pdf
EFTA01080721Set 9
2011-04-20174p37,105w
practice. And generally when we
18 receive requests, we prepare a schedule by tranche
19 as to what might be available for redemption.
20 Q. Who was this discussion with ... withdrawal window applied to the entire capital
19 account as opposed to a tranche-by-tranche
20 approach? 10:15:39
21 A. No, with the exception of when ... year 10:52:16
16 investor, that they could withdraw on a tranche-
17 by-tranche basis as opposed to withdrawing their
18 entire capital account?
19 MR. ARFFA
https://www.justice.gov/epstein/files/DataSet%209/EFTA01080721.pdf
EFTA00236853Set 9
2013-09-23258p118,414w
offering two classes of
interests: Advisory Class and Brokerage Class (together with
additional classes, tranches or series of interests the AlphaKeys
Fund may offer from time to time, 'interests"). Advisory ... also vary the terms of the
Administrative Fee with respect to a particular class, tranche or
series (or sub-class, sub-tranche or sub-series) of Interests, in
the Administrator ... fiscal period (provided that allocations
may be adjusted to give effect to additional classes, tranches or
series of interests created by the AlphaKeys Fund). Net profits
or net losses will
https://www.justice.gov/epstein/files/DataSet%209/EFTA00236853.pdf
strategies managed by a particular portfolio manager) pursued
with respect to a particular PM Tranche, members of such portfolio manager's team, a family
member of such persons and certain ... entities for the aforementioned parties' benefit may be permitted to invest in
such PM Tranche of the Partnership or an Underlying Fund, there may be more capital supporting
a particular ... case if such persons were only permitted
to hold Interests other than such PM Tranche. As a result, if there are profits with respect to a
particular PM Tranche, such
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01384672.pdf
EFTA00237816Set 9
2013-09-23258p118,420w
offering two classes of
interests: Advisory Class and Brokerage Class (together with
additional classes, tranches or series of interests the AlphaKeys
Fund may offer from time to time, 'interests"). Advisory ... also vary the terms of the
Administrative Fee with respect to a particular class, tranche or
series (or sub-class, sub-tranche or sub-series) of Interests, in
the Administrator ... fiscal period (provided that allocations
may be adjusted to give effect to additional classes, tranches or
series of interests created by the AlphaKeys Fund). Net profits
or net losses will
https://www.justice.gov/epstein/files/DataSet%209/EFTA00237816.pdf
EFTA00239188Set 9
2013-09-23269p127,446w
Interests and Class B Interests (together with additional
classes, sub-classes, series or tranches of interests the AlphaKeys
Fund may offer from time to time "Interests"). This Memorandum
relates solely ... Interests").
The AlphaKeys Fund offers and/or has issued multiple classes,
sub-classes, series or tranches of Interests. This Memorandum
relates solely to an offering of Class B Interests, with respect ... also vary the terms of the Administrative Fee
with respect to a particular class, tranche or series (or sub-class,
sub-tranche or sub-series) of Interests, in the Administrator
https://www.justice.gov/epstein/files/DataSet%209/EFTA00239188.pdf