- 7 -
a reproduction of a handwritten document entitled “Promissory
Note” and dated May 23, 1990, acknowledging petitioner’s
obligation, on or before August 15, 1990, to pay Mr. Petar
$100,000 for services performed during the fiscal year (the
Note). Petitioner presented the testimony of Mrs. Petar and her
daughter Sonya to establish the authenticity of the Note. These
witnesses testified that they drafted the Note in accordance with
Mr. Cunniff’s instructions while Mr. Petar was temporarily living
at a construction site out of town, and that Mrs. Petar delivered
the Note to Mr. Petar for execution on petitioner’s behalf about
2 or 3 days later. Sonya had no clear recollection of when the
events she described occurred. According to Mrs. Petar, they
occurred at some time during the last week of May 1990,
consistent with the date shown on the Note. There were
inconsistences in Mrs. Petar’s account that appeared to be
attributable to language comprehension problems.
Both Mrs. Petar and Mr. Cunniff testified that it was
Mr. Petar who originally identified the need for the Note. When
Mr. Petar was asked to explain the circumstances requiring the
issuance of the Note, his initial response was that he would
prefer to let his accountant explain. After the Court encouraged
him to testify on the subject, he testified that, at the time the
bonus was awarded to him, the company needed to conserve its cash
balances pending collection of unpaid accounts from third
parties.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011