- 4 -
1992. At the time their petition was filed, petitioners
Christopher M. Shea and Kim A. Shea resided in Rochester,
Michigan.
Petitioners James P. Shea (James) and Christopher M. Shea
(Christopher) are brothers who, during 1992, worked at a company
called PK Contracting. PK Contracting (the company) was in the
business of painting lines on roads. James, a vice president of
the company, has worked for the company for more than 20 years
and is a part owner of the company. As of the trial date,
Christopher was the president of the company and ran the
company’s day-to-day operations. In 1992, Christopher was the
general manager, with similar operational responsibility.4
None of the petitioners were in the trade or business of
lending money.
The Russian Airplane Deal
Sometime prior to January 19, 1992, James was introduced to
Michael Donnelly by a friend. Donnelly, who claimed to be a
retired U.S. Army major general, described a plan in which he and
some others would buy Russian airplanes (Ilyushin-72s) for
substantially less than their purported fair market value and
resell them in the West for $5 to $8 million per airplane or use
4 Petitioners Patricia H. Shea and Kim A. Shea are involved
in these consolidated cases only because they filed joint Federal
income tax returns with their husbands for 1992.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011