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The Caldwell New York Limited Partnership (“NYLP”) raised $17,492,000 (Cdn.) and would have reached our maximum had we been able to delay the last closing. As it was, this amount appears to be near ideal, particularly if we can finish our purchase program relatively soon. This will take some work.

 

Both the NYSE Annual Meeting last Thursday and “town-hall” meeting afterwards were encouraging. Our primary “for profit” objective was referred to in very positive terms by John Thain. He is clearly not able to confirm this goal at the present time since the “for profit” committee has yet to draft its report and lobbying has not yet commenced with regulators (SEC) and legislators (Congress). Both groups would react negatively if surprised by this strategy, particularly since the National Market System proposals announced last Wednesday by the SEC were so helpful to the NYSE. The direction appears set, however, our key challenge remains that of buying our last three seats. We have recently purchased an additional three seats bringing the NYLP’s total to five ($1,475,000 • $1,500,000 • $1,550,000 • $1,600,000 • $1,625,000).

 

The best offering at the present time is $1,800,000 with nothing showing behind that price. We will wait to let the offerings fill in. We have typically followed those buyers who were prepared to set higher price levels, in order to participate without moving prices unnecessarily. We anticipate being somewhat more aggressive for the remaining three, as we feel events are accelerating. I spent some time talking with Marshall Carter, our new Non-Executive Chairman. He is a positive, upbeat individual who, I believe, will be a great support to John Thain in building the NYSE. His profile is attached.

 

If we are able to buy the final three seats on a timely basis, and we believe that more can be acquired reasonably, we may create a second Caldwell NYLP. We will keep you informed. Thank you for your participation in this exciting venture. Please feel free to contact me directly should you have any questions.

 

Best wishes,

 

Thomas S. Caldwell, C.M.

 

Chairman * U.S. dollars unless otherwise noted

Net Assets per share
as of September 6, 2019
$4.77
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