I suggest you learn how to read and absorb...
Read this sentence again REAL SLOW, paying special attention to the bolded words:
"For each One Dollar ($1) that is not contributed by Patriot or TPL when due pursuant to Section 5.3, one hundred thousandth of a percent (0.00001%) of the outstanding Percentage Interests of the Company shall be deducted from that Member's Percentage Interest and transferred to the other Member."
Obviously, one of us is reading this completely wrong, and of course I believe it is you.
Do you get what it says now? The fact that they provided a factor should help you along....
One dollar = .00001 of a percent of interest ownership.
Percent of interest ownership - there are a hundred of these, with PTSC owning 50 of them and TPL owning 50 of them.
Perhaps another way of conveying this if you are still not convinced that you are applying a percentage (.01) where none should be applied:
$1 = .00001% OF 100% (since the "outstanding Percentage Interests" represent 100%)
Note how the "%" and "of 100%" cancel eachother out, mathematically?
If you are still not convinced, please do try to argue. I welcome it, and if you can convince me that I'm wrong, I will happily admit it and apologize to the board.
SGE
