CLB THROUGH OCCUPIED ALT IN TERMINAL AREA BASED UPON VISUAL SEPARATION WITH TFC NOT SIGHTED.

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MEM CONDUCTING SIMULTANEOUS DEPS FROM 36L AND R. WE WERE DEPARTING 36L; ASSIGNED RWY HDG 3000 FT. IMMEDIATELY AFTER LIFTOFF; TWR ADVISES; 'TFC OFF THE E SIDE AHEAD AND AT 2 O'CLOCK; ADVISE IN SIGHT.' UNABLE TO ACQUIRE VISUALLY DUE TO HIS ALT ASSIGNMENT OF 2000 FT. HE WAS LEVELING AS WE WERE CLBING THROUGH HIS ALT. WE EXPECTED DEPS AHEAD OF US TO BE ABOVE US. TWR RE-XMITTED THAT TFC WAS '200 FT BELOW;' AND NOW WE BEGAN TO LOOK DOWN OVER OUR NOSE. (AT THIS TIME; WE WERE ABOUT 18 DEGS NOSE UP; VERY DIFFICULT TO SEE TFC IN THIS RELATIVE POS. ALSO; LIGHTS OF CITY BENEATH CONFLICTED WITH ACQUIRING TFC. FINALLY; WE SAW HIM ABOUT 12:30 TO 1 O'CLOCK AND APPEARED ABOUT 1 MI AWAY. OUR COURSES WERE UNCOMFORTABLY CLOSE -- I'M GLAD I SAW HIM; BUT JUST AS EASILY I COULD HAVE MISSED HIM. I DON'T THINK THIS WAS ANY WAY TO RUN AN ARPT. THE TFC WAS AN LGT. I DON'T' KNOW IF THIS WAS A FOUL-UP OR NOT -- BUT I HOPE SO; INSTEAD OF A PLANNED OP. ATC PUT US IN WHAT I BELIEVE WAS UNACCEPTABLE AND UNNECESSARY SITUATION.