The document outlines the operating agreement for Friends Ventures LLC, formed to acquire a Schwitters painting as an investment. Leon D. Black and Ronald Lauder are the members, each holding a 50% interest. They will share acquisition costs and ownership expenses. The painting will be possessed alternately by each member for two and a half years, with specific conditions for location, insurance, and maintenance. The agreement also covers transfer of membership interests and dissolution conditions.
documents/EFTA00595473.pdf
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