þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
California (State or other jurisdiction of incorporation or organization) |
94-3230380 (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company) |
Item 1. | Financial Statements |
1
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | 797,237 | $ | 849,761 | ||||
Net lease receivables due from Leasing Agent |
249,877 | 242,963 | ||||||
Direct financing lease receivable, due from Leasing Agent within one
year, net |
21,314 | 23,477 | ||||||
Total current assets |
1,068,428 | 1,116,201 | ||||||
Direct financing lease receivable, due from Leasing Agent after one year, net |
41,347 | 46,100 | ||||||
Container rental equipment, at cost |
10,653,474 | 10,954,532 | ||||||
Less accumulated depreciation |
(8,481,457 | ) | (8,579,045 | ) | ||||
Net container rental equipment |
2,172,017 | 2,375,487 | ||||||
Total assets |
$ | 3,281,792 | $ | 3,537,788 | ||||
Partners Capital |
||||||||
Partners capital: |
||||||||
General partner |
2,155 | 4,757 | ||||||
Limited partners |
3,279,637 | 3,533,031 | ||||||
Total partners capital |
$ | 3,281,792 | $ | 3,537,788 | ||||
2
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Net lease revenue from Leasing Agent |
$ | 234,407 | $ | 173,281 | ||||
Other operating (expenses) income: |
||||||||
Depreciation |
(156,780 | ) | (197,202 | ) | ||||
Other general and administrative
expenses |
(43,936 | ) | (39,495 | ) | ||||
Net gain on disposal of equipment |
91,591 | 107,428 | ||||||
(109,125 | ) | (129,269 | ) | |||||
Net income |
$ | 125,282 | $ | 44,012 | ||||
Allocation of net income: |
||||||||
General partner |
$ | 5,421 | $ | 11,965 | ||||
Limited partners |
119,861 | 32,047 | ||||||
$ | 125,282 | $ | 44,012 | |||||
Limited partners per unit share of
net income |
$ | 0.07 | $ | 0.02 | ||||
3
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Net cash provided by operating activities |
$ | 181,203 | $ | 113,180 | ||||
Cash flows from investing activities: |
||||||||
Proceeds from sale of container rental
equipment |
147,551 | 298,851 | ||||||
Cash flows from financing activities: |
||||||||
Distributions to general partner |
(8,023 | ) | (12,704 | ) | ||||
Distributions to limited partners |
(373,255 | ) | (499,896 | ) | ||||
Net cash used in financing activities |
(381,278 | ) | (512,600 | ) | ||||
Net decrease in cash |
(52,524 | ) | (100,569 | ) | ||||
Cash at the beginning of the period |
849,761 | 650,666 | ||||||
Cash at the end of the period |
$ | 797,237 | $ | 550,097 | ||||
4
(1) | Summary of Significant Accounting Policies |
(a) | Nature of Operations |
Cronos Global Income Fund XVI, L.P. (the Partnership) is a limited partnership that was organized under the laws of the State of California on September 1, 1995, for the purpose of owning and leasing dry and specialized marine cargo containers to ocean carriers. The Partnership commenced operations on March 29, 1996, when the minimum subscription proceeds of $2,000,000 were received from over 100 subscribers (excluding from such count, Pennsylvania residents, Cronos Capital Corp. (CCC), the general partner, and all affiliates of CCC). On February 3, 1997, CCC suspended the offer and sale of units in the Partnership. The offering terminated on December 27, 1997, at which time 1,599,667 limited partnership units had been sold. | |||
CCC and its affiliate, Cronos Containers Limited (the Leasing Agent), manage the business of the Partnership. CCC and the Leasing Agent also manage the container leasing business for other partnerships affiliated with CCC. | |||
In April 2011, the Partnership commenced its 16th year of operations. The Partnership is continuing its liquidation phase, wherein CCC focuses its attention on the retirement of the remaining equipment in the Partnerships container fleet. At March 31, 2011, approximately 47% of the original equipment remained in the Partnerships fleet. CCC will take several factors into consideration when examining options for the timing of the disposal of the containers. These factors include the level of gross lease revenue generated by the diminishing fleet, the level of costs relative to this revenue, projected disposal proceeds on the disposition of the Partnerships containers, overall market conditions and any foreseeable changes in other general and administrative expenses. During the first half of 2011, CCC may distribute a request for proposal (RFP) to prospective third-party container buyers. A RFP would seek to determine any interest such parties may have in purchasing the remaining containers owned by the Partnership. CCC will not make a decision relating to the final liquidation of the Partnership until any such proposals have been received and fully evaluated. If a decision is made to liquidate the Partnership, the distribution of cash from operations or sales proceeds may be suspended while the liquidation of the remaining containers in the fleet is evaluated. This is to ensure that sufficient cash reserves will be available for expenses relating to the final liquidation and subsequent dissolution of the Partnership. CCC would make one or more liquidating distributions to the Limited Partners on or before the termination of the Partnership, or reinstate the monthly cash distributions should no decision be made to liquidate the fleet in 2011. | |||
The Partnerships operations are subject to economic, political and business risks inherent in a business environment. The Partnership believes that the profitability of, and risks associated with, leases to foreign customers are generally the same as those to domestic customers. The Partnerships leases generally require all payments to be made in United States dollars. |
(b) | Leasing Agent |
The Partnership and the Leasing Agent have entered into an agreement (the Leasing Agent Agreement) whereby the Leasing Agent manages the leasing operations for all equipment owned by the Partnership. In addition to responsibility for leasing and re-leasing the equipment to ocean carriers, the Leasing Agent disposes of the containers at the end of their useful economic life and has full discretion over which ocean carriers and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Agent to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Agent and its affiliates, as part of a single fleet operated without regard to ownership. The Leasing Agent Agreement generally provides that the Leasing Agent will make payments to the Partnership based upon rentals |
5
(1) | Summary of Significant Accounting Policies (continued) |
(b) | Leasing Agent (continued) |
collected from ocean carriers after deducting direct operating expenses and management fees due both to CCC and the Leasing Agent. | |||
The Leasing Agent leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly one to seven years) and periodically under direct financing leases. | |||
Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations. Rentals are charged and recognized based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are variable and contingent upon the number of containers used. | |||
Term leases are for a fixed quantity of containers for a fixed period of time, typically varying from three to seven years. In most cases, containers cannot be returned prior to the expiration of the lease. Term lease agreements may contain early termination penalties that apply in the event of early redelivery. Term leases provide greater revenue stability to the lessor, usually at lower lease rates than master leases. Ocean carriers use term leases to lower their operating costs when they have a need for an identified number of containers for a specified term. Rentals under term leases are charged and recognized based upon the number of containers leased, the applicable per-diem rate and the length of the lease, irrespective of the number of days which the customer actually uses the containers. | |||
Direct financing leases are long-term in nature, usually ranging from three to seven years, and require relatively low levels of customer service. They ordinarily require fixed payments over a defined period and provide customers with an option to purchase the subject containers at the end of the lease term. Per-diem rates include an element of repayment of capital and therefore are usually higher than rates charged under either term or master leases. | |||
(c) | Basis of Presentation | ||
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. For further information, refer to the financial statements and footnotes thereto included in the Partnerships Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission (SEC). | |||
(d) | Use of Estimates in Interim Financial Statements | ||
The preparation of interim financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the |
6
(1) | Summary of Significant Accounting Policies (continued) |
(d) | Use of Estimates in Interim Financial Statements (continued) | ||
reported period. The most significant estimates are those relating to the carrying value of equipment, including estimates relating to depreciable lives and residual values, and those relating to the allowance for doubtful accounts. Actual results could differ from those estimates. | |||
(e) | Container Rental Equipment | ||
Container rental equipment is depreciated over a 15-year life using the straight-line basis to its residual value of 10% of original equipment cost. The Partnership and CCC evaluate the period of depreciation and residual values to determine whether subsequent events and circumstances warrant revised estimates of useful lives. | |||
Container rental equipment is considered to be impaired if the carrying value of the asset exceeds the expected future cash flows from related operations (undiscounted and without interest charges). If impairment is deemed to exist, the assets are written down to fair value. An analysis projecting future cash flows from container rental equipment operations is prepared when indicators, such as material changes in market conditions, are present. Indicators of a potential impairment include a sustained decrease in utilization or operating profitability, or indications of technological obsolescence. The primary variables utilized by the analysis are current and projected utilization rates, per-diem rental rates, direct operating expenses, fleet size, container disposal proceeds and the timing of container disposals. Additionally, the Partnership evaluates future cash flows and potential impairment for its entire fleet rather than for each container type or individual container. As a result, future losses could result for individual container dispositions due to various factors, including age, condition, suitability for continued leasing, as well as the geographical location of containers when disposed. There were no impairment charges recorded against the carrying value of container rental equipment for the three-month period ended March 31, 2011 and 2010. | |||
(f) | Allocation of Net Income or Loss, Partnership Distributions and Partners Capital | ||
Net income or loss has been allocated between the general and limited partners in accordance with the Partnership Agreement. The Partnership Agreement generally provides that CCC shall at all times maintain at least a 1% interest in each item of income or loss, including the gain arising from the sale of containers. The Partnership Agreement further provides that the gain arising from the sale of containers be allocated first to the partners with capital account deficit balances in an amount sufficient to eliminate any deficit capital account balance. Thereafter, the Partnerships gains arising from the sale of containers are allocated to the partners in accordance with their share of sale proceeds distributed. The Partnership Agreement also provides for income (excluding the gain arising from the sale of containers) for any period be allocated to CCC in an amount equal to that portion of CCCs distributions in excess of 1% of the total distributions made to both CCC and the limited partners of the Partnership for such period, as well as other allocation adjustments. | |||
Actual cash distributions differ from the allocations of net income or loss between the general and limited partners as presented in these financial statements. Partnership distributions are paid to the partners (general and limited) from distributable cash from operations, allocated 95% to the limited partners and 5% to CCC. Distributions of sales proceeds are allocated 99% to the limited partners and 1% to CCC. The allocations remain in effect until such time as the limited partners have received from the Partnership aggregate distributions in an amount equal to their capital contributions plus an 8% cumulative, compounded (daily), annual return on their adjusted capital contributions. Thereafter, all Partnership distributions will be allocated 85% to the limited partners and |
7
(1) | Summary of Significant Accounting Policies (continued) |
(f) | Allocation of Net Income or Loss, Partnership Distributions and Partners Capital (continued) | ||
15% to CCC. Cash distributions from operations to CCC in excess of 5% of distributable cash will be considered an incentive fee and will be recorded as compensation to CCC, with the remaining distributions from operations charged to partners capital. | |||
Upon dissolution, the assets of the Partnership will be sold and the proceeds thereof distributed as follows: (i) all of the Partnerships debts and liabilities to persons other than CCC or the limited partners shall be paid and discharged; (ii) all of the Partnerships debts and liabilities to CCC and the limited partners shall be paid and discharged; and (iii) the balance of such proceeds shall be distributed to CCC and the limited partners in accordance with the positive balances of CCC and the limited partners capital accounts. CCC shall contribute to the Partnership, if necessary, an amount equal to the lesser of the deficit balance in its capital account at the time of such liquidation, or 1.01% of the excess of the Limited Partners capital contributions to the Partnership over the capital contributions previously made to the Partnership by CCC, after giving effect to the allocation of income or loss arising from the liquidation of the Partnerships assets. |
(2) | Net Lease Receivables Due from Leasing Agent |
Net lease receivables due from Leasing Agent at March 31, 2011 and December 31, 2010 comprised: |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Gross lease receivables |
$ | 356,869 | $ | 367,051 | ||||
Less: |
||||||||
Direct operating expenses payable |
64,210 | 77,823 | ||||||
Base management fees payable |
17,080 | 18,309 | ||||||
Reimbursable administrative expenses payable |
4,786 | 5,072 | ||||||
Allowance for doubtful accounts |
20,916 | 22,884 | ||||||
Net lease receivables due from Leasing Agent |
$ | 249,877 | $ | 242,963 | ||||
Included within the amount of gross lease receivables are $79,340 and $44,997 in respect of amounts owed by the Leasing Agent in relation to disposal related invoices at March 31, 2011 and December 31, 2010, respectively. |
At March 31, 2011 and December 31, 2010, respectively, amounts of $1,397 and $2,001 were recorded as doubtful debt expense. In addition, $570 and $201 were written-off in the three months ended March 31, 2011 and 2010, respectively. |
8
(3) | Net Lease Revenue |
Net lease revenue for the three-month period ended March 31, 2011 and 2010 comprised: |
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Gross lease revenue |
$ | 286,692 | $ | 307,678 | ||||
Interest income from direct financing lease |
6,776 | 8,758 | ||||||
Less: |
||||||||
Direct operating expenses |
23,087 | 102,260 | ||||||
Base management fees |
20,600 | 21,252 | ||||||
Reimbursable administrative expenses |
||||||||
Salaries |
10,184 | 14,450 | ||||||
Other payroll related expenses |
2,413 | 1,913 | ||||||
General and administrative expenses |
2,777 | 3,280 | ||||||
59,061 | 143,155 | |||||||
Net lease revenue |
$ | 234,407 | $ | 173,281 | ||||
(4) | Operating Segment |
An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprises chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and about which separate financial information is available. CCC and the Leasing Agent operate the Partnerships container fleet as a homogenous unit and have determined that as such, it has a single reportable operating segment. |
A summary of gross lease revenue earned by each Partnership container type for the periods ended March 31, 2011 and 2010 follows: |
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Dry cargo containers |
$ | 240,465 | $ | 238,690 | ||||
Refrigerated containers |
16,142 | 29,904 | ||||||
Tank containers |
30,085 | 39,084 | ||||||
Total |
$ | 286,692 | $ | 307,678 | ||||
Due to the Partnerships lack of information regarding the physical location of its fleet of containers when on lease in the global shipping trade, the Partnership believes that it does not possess discernible geographic reporting segments. |
9
(5) | Limited Partners Capital |
Cash distributions made to the limited partners for the three-month period ended March 31, 2011 and 2010 were as follows: |
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Cash Distributions from Operations |
$ | 99,978 | $ | 179,962 | ||||
Cash Distributions from Sales Proceeds |
273,277 | 319,934 | ||||||
Total Cash Distributions |
$ | 373,255 | $ | 499,896 | ||||
These distributions are used in determining Adjusted Capital Contributions as defined by the Partnership Agreement. |
The limited partners per unit share of capital at March 31, 2011 and December 31, 2010, was $2.05 and $2.21, respectively. This is calculated by dividing the limited partners capital at the end of March 31, 2011, and December 31, 2010, by 1,599,667, the total number of outstanding limited partnership units. |
10
Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
| Activity-related expenses, including agent costs and depot costs such as repairs, maintenance and handling; |
| Inventory-related expenses for off-hire containers, comprising storage and repositioning costs. These costs are sensitive to the quantity of off-hire containers as well as the frequency at which containers are re-delivered and the frequency and size of repositioning moves undertaken; and |
| Legal and other expenses, including legal costs related to the recovery of containers and doubtful accounts, insurance and provisions for doubtful accounts. |
Dry Cargo | Refrigerated | Tank | ||||||||||||||
Containers | Containers | Containers | Total | |||||||||||||
Container on lease: |
||||||||||||||||
Master lease |
4,018 | 33 | 13 | 4,064 | ||||||||||||
Term lease |
||||||||||||||||
Short term1 |
636 | 3 | 17 | 656 | ||||||||||||
Long term2 |
757 | 12 | 8 | 777 | ||||||||||||
1,393 | 15 | 25 | 1,433 | |||||||||||||
Subtotal |
5,411 | 48 | 38 | 5,497 | ||||||||||||
Containers off-hire |
98 | 2 | 4 | 104 | ||||||||||||
Total container fleet |
5,509 | 50 | 42 | 5,601 | ||||||||||||
1. | Short term leases represent term leases that are either scheduled for renegotiation or that may expire on or before March 2012. | |
2. | Long term leases represent term leases that will expire after March 2012. |
11
Dry Cargo | Refrigerated | |||||||||||||||||||||||||||||||
Containers | Containers | Tank Containers | Total | |||||||||||||||||||||||||||||
TEU | % | TEU | % | TEU | % | TEU | % | |||||||||||||||||||||||||
Total purchases |
11,053 | 100 | % | 690 | 100 | % | 52 | 100 | % | 11,795 | 100 | % | ||||||||||||||||||||
Less disposals |
5,544 | 50 | % | 640 | 93 | % | 10 | 19 | % | 6,194 | 53 | % | ||||||||||||||||||||
Remaining fleet at
March 31, 2011 |
5,509 | 50 | % | 50 | 7 | % | 42 | 81 | % | 5,601 | 47 | % | ||||||||||||||||||||
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Average fleet size (measured in
TEUs) |
||||||||
Dry cargo containers |
5,547 | 6,333 | ||||||
Refrigerated containers |
52 | 93 | ||||||
Tank containers |
42 | 50 | ||||||
Utilization rates for combined fleet |
||||||||
Average for the period |
97 | % | 82 | % | ||||
At end of period |
98 | % | 86 | % |
12
§ | The Partnership experienced stronger market conditions for leased containers; |
§ | Depreciation expense was lower than in the prior year, as the Partnership continued to sell equipment that had reached the end of its useful economic life for maritime leasing; and partially offset by |
§ | The decrease in level of gains recorded on equipment disposals. |
§ | a $79,173, or 77%, decline in direct operating expenses as a result of the increase in utilization and corresponding decline in inventories of off-hire equipment, which resulted in a reduction in both activity-related and inventory-related expenses, partially offset by |
§ | a $20,986, or 7% reduction in gross lease revenue (a component of net lease revenue), that was attributable to the reduction in the Partnerships fleet size. |
13
14
| Container equipment depreciable lives and residual values. |
| Container equipment recoverability and valuation. |
| Allowance for doubtful accounts. |
15
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
16
Item 1. | Legal Proceedings |
Not applicable. |
Item 1A. | Risk Factors |
There are no material changes from the risk factors as disclosed under Item 1A of Part I in the Partnerships December 31, 2010 Annual Report on Form 10-K. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Not applicable. |
Item 3. | Defaults Upon Senior Securities |
Not applicable. |
Item 4. | [Removed and Reserved] |
Item 5. | Other Information |
Not applicable. |
Item 6. | Exhibits |
(a) | Exhibits |
Exhibit | ||||
No. | Description | Method of Filing | ||
3(a) | Limited Partnership Agreement, amended
and restated as of December 28, 1995
|
* | ||
3(b) | Certificate of Limited Partnership
|
** | ||
10 | Form of Leasing Agent Agreement with
Cronos Containers Limited
|
*** | ||
31.1 | Rule 13a-14 Certification
|
Filed with this document | ||
31.2 | Rule 13a-14 Certification
|
Filed with this document | ||
32 | Section 1350 Certification
|
Filed with this document **** |
* | Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated December 28, 1995, included as part of Registration Statement on Form S-1 (No. 33-98290) | |
** | Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-98290) | |
*** | Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-98290) | |
**** | This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not to be deemed filed with the Commission or subject to the rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act. |
17
CRONOS GLOBAL INCOME FUND XVI, L.P. |
||||
By | Cronos Capital Corp. | |||
The General Partner | ||||
By | /s/ Peter J. Younger | |||
Peter J. Younger | ||||
President and Chief Executive Officer of Cronos
Capital Corp. (CCC)
Principal Executive Officer of CCC |
||||
By | /s/ Frank P. Vaughan | |||
Frank P. Vaughan | ||||
Chief Financial Officer and
Director of Cronos Capital Corp. (CCC)
Principal Financial and Accounting Officer of CCC |
||||
18
Exhibit | ||||
No. | Description | Method of Filing | ||
3(a) | Limited Partnership Agreement, amended
and restated as of December 28, 1995
|
* | ||
3(b) | Certificate of Limited Partnership
|
** | ||
10 | Form of Leasing Agent Agreement with
Cronos Containers Limited
|
*** | ||
31.1 | Rule 13a-14 Certification
|
Filed with this document | ||
31.2 | Rule 13a-14 Certification
|
Filed with this document | ||
32 | Section 1350 Certification
|
Filed with this document **** |
* | Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated December 28, 1995, included as part of Registration Statement on Form S-1 (No. 33-98290) | |
** | Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-98290) | |
*** | Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-98290) | |
**** | This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not deemed to be filed with the Commission or subject to the rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act. |
/s/ PETER J. YOUNGER
|
||
President and Chief Executive Officer of CCC |
/s/ FRANK P. VAUGHAN
|
||
Chief Financial Officer of CCC |
(i) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(ii) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Registrant. |
By | /s/ Peter J. Younger | |||
Peter J. Younger, | ||||
President and Chief Executive
Officer of Cronos Capital Corp., General Partner of the Registrant |
||||
/s/ Frank P. Vaughan | ||||
Frank P. Vaughan, | ||||
Chief Financial Officer of
Cronos
Capital Corp., General Partner of the Registrant |
||||
* | This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, shall not be deemed to be filed with the Commission or subject to the rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act. |