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Corporation rather than the reinstatement of the old Lumatron
Corporation. We therefore conclude that the Lumatron
Corporation, which purportedly acquired Mr. Comey’s portfolio in
1978, was never reinstated. We therefore also conclude that even
if Mr. Comey had attempted to transfer his portfolio to Lumatron
in 1978, via the purported Inventor’s Agreement, Lumatron would
have lacked legal capacity, and the transfer would have been
ineffective under Illinois law.
Equally importantly, the record as a whole establishes that
Mr. Comey, and not Lumatron or Landtrak, was the beneficial owner
of the securities in Mr. Comey’s portfolio, at least until those
securities were reregistered in Landtrak’s name in mid-1992.
Although Mr. Comey claims that he transferred his portfolio
to Lumatron in 1978 and sold his Lumatron stock to Landtrak in
1987 or 1988, he also admitted at trial that until mid-1992:
(1) The stock in the portfolio was registered in Mr. Comey’s
name, (2) the dividend checks were payable to Mr. Comey, (3) Mr.
Comey personally cashed the dividend checks, and (4) the cash was
placed in a bank account in Mr. Comey’s name, not in a corporate
account. Mr. Comey therefore had dominion and control of both
the securities in his portfolio and the income generated by those
securities, during the years in issue.
Mr. Comey claims that Lumatron and Landtrak used the
dividends, interest, and capital gains generated by his portfolio
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