1

individual investors whereby 50 percent would ask that

96

he vote one way and 50 percent ask that he vote another

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3

way or some other proportional holding?

5

6

MR. CLIFFORD: It is inconceivable to me

because of the understanding and even commitment that

we have with the shareholders as to the manner in which

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11

remain the passive investor, and that we will continue

on with our task, replacing certain persons on the

12

Board.

There are some men on the Financial General

Board that I think would be valuable, if we were to
persuade them to stay, and I think some of them would
be glad to stay.

I think that also we would need two or three

or four of them stay during the period of transition

from the old management to the new management.

But our positive understanding with our

investors is that they are not going to concern themselves

with the operation of Financial General or the member
banks, and we are proceeding on that assumption.

MR. MANNION: In that assumption, is there

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1

words, are they giving the Americans that they are

giving control of this company to carte blance for

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blance

five years to see how the Americans are able to do

3

with it or is there the possibility that after two

5

years, if Financial General does not prove as successful

6

as was originally contemplated, they would stop being

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passive investors and become more active?

8

MR. CLIFFORD: I do not foresee any event

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of that kind taking place. I think that their judgment

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15

they

results in any two years or anything of that nature.

I believe that they believe that the operation under

hey expect phenomenal

they can send into this bank will make it a much more
successful operation than it is. It will take some

time to do that.

I've never received the slightest suggestion

from them that any time their attitude toward the company

would change. They have presented to me the thought

that this is their attitude and it is a permanent atti

tude.

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(202) 234-4433

SHEIKH ADHAM: I reaffirm that.

MR. RODRIGUEZ: Even if Financial General

1

should not be successful over the next five years,

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3

should suffer any losses, unforeseen at this moment?
SHEIKH ADHAM: We are going to be in that

boat, and whatever management at the time advises us

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5

to do, to help the investment to survive or to be strong

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8

er, and if the situation is very bad, we expect them
to give us advice of what to do.

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MR. MANNION: Is there any intention or

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is it foreseen that there may be additional investors added to the group in the future? There was some illu

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13

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sion to possibly selling additional stock. Is it contemplated to broaden the base from 14 investors to

some larger number in the future?

MR. ALTMAN: If I can answer. When I was

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talking earlier about new stock offerings, I wasn't
suggesting that the group itself would be expanded.

There is no present contemplating to change the composition of the group.

MR. CLIFFORD: I think what we had in mind

was that we were talking about different ways of rais

ing additional capital, if it seems necessary, that

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we had in contemplating of going to the present investors

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and saying that we would like to get out additional

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stock and getting them to buy additional stock and

(202) 234-4433

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1

raising the capital in that manner.

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3

MR. MANNION: We have a few lines of ques

tions that we would like to explore concerning the
personal financial condition of the individuals, and

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I'd like to preface those comments by asking either

Mr. Clifford or Mr. Altman to comment on the confidential

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7

nature of information that you are making available

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to us or are willing to make available to us.

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Specifically, information that has been

10

given to us in the past, is that generally available

11

to the public or can you just comment on that?

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a desire to maintain their business affairs in a confi

17

dential manner, and we have submitted the information

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to you with the request that it be maintained as confi

dential.

MR. ALTMAN:

We had requested that the identities of the minority investors be maintained as confi

dential because their identities alone would pose problems for the reason that Sheikh Adham has explained,

and certainly personal financial information about

those investors we would request be maintained as con

fidential by the Board.

So you are talking about the

less than 10

less than five percent shareholders

percent shareholders?

(202) 234-4433

MR. ALTMAN:

Less than 10 percent shareholders