BCAP Token Offering: still reading the memorandum

Update:

All of BC III DLVF’s executive officers are employees of BC Manager or one or more of its affiliates

“The NAV per BCAP Token is calculated by dividing NAV by the number of outstanding BCAP Tokens at the calculation date … The number of outstanding BCAP Tokens is calculated as the total number of BCAP Tokens of the same series issued, less total number of BCAP Tokens redeemed and/or purchased under Realization or Liquidity Buybacks as described in the respective section of this offering memorandum.”

“All values assigned to securities, instruments and other assets by BC Manager will be final and conclusive. Neither BCTH nor any BCAP Tokenholder shall have the right to audit the valuations made by BC Manager”

“BC Manager may offer the right to participate in investment opportunities of BC III DLVF to other private investors, groups, partnerships, corporations or other entities, including, without limitation, any other funds managed by affiliates of BC Manager whenever BC Manager, in its sole discretion, so determines.”

“Except as otherwise set forth in the Limited Partnership Agreement, the Limited Partnership Agreement may be modified or amended at any time with the written consent of BC Manager”

“Total offering expenses are anticipated to be greater than $500,000, but not exceeding $1 million”.

“Certain members of our Board of Directors and senior management are party to employment agreements with Argon Advisors. From time to time, Argon advisors or its affiliates may also adopt other cash and equity incentive-based arrangements to compensate our management and other employees…”

“BCAP Tokens have no distribution or dividend rights other than on a redemption as further set out below. Any return of capital to BCAP Tokenholders will occur through open market purchases of BCAP Tokens as described under the captions “Realization Buybacks”, “Liquidity Buybacks”, “Fixed Price Offer” above”.

“Subscriptions need not be accepted in the order received, and the BCAP Tokens may be allocated among subscribers who subscribed early in the offering period and for significant sums”

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