Leroy Brothers are acquiring and transforming Tigmi, a 25-key hotel at the foot of the Atlas mountains, into a 30-key contemporary art institution under the Toile Blanche brand. To fund the transformation, they are issuing 10 founding instruments. This is one of them.
Each instrument is a Leroy Brothers artwork, The Syndicate, a blind-embossed diptych on cotton vellum. Acquiring it simultaneously subscribes 1% equity in the operating company at nominal par and activates a 200 000 EUR obligation bearing 10% annual interest over six years. The artwork, the equity, and the debt are a single compound instrument. They cannot be separated.
Figures, collateral valuation, legal structure, and corporate tax position.
Enter → IICatalogue entry LOG 08 and the three temporal realities of the diptych.
Enter → IIIP&L, waterfall, budget, and per-instrument yield projections.
Enter → IVTigmi, Douar Tagadirt, the growth fund, and the riad possibility.
Enter → VLeroy Brothers, the Founders Circle, and allocation protocol.
Enter → VIPanel I and Panel II of the Master Protocol, readable in their entirety as PDF.
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