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2. Applications to the Alabama Licensing Board for General
Contractors
Around May 29, 1992, AIM applied to the Licensing Board for
General Contractors for the State of Alabama (Alabama Board) for
a license. AIM included with its license application a financial
statement which listed assets of $130,929, including real estate
worth $90,000, a $30,000 liability for a “stockholder loan-
working capital”, and a net worth of $100,929. A licensee may
bid on contracts up to 10 times the licensee’s net worth. The
Alabama Board licensed AIM to bid on contracts worth $1,009,290.
Petitioner applied to renew AIM’s license in December 1993.
He enclosed a balance sheet as of December 31, 1992, that showed
that AIM had assets of $135,339, including real estate worth
$90,000, shareholder liabilities of $37,046, and a net worth of
$96,877.
AIM did not report that it owed money to petitioner related
to AIM’s acquisition of the Whittington property.
3. Citizens National Bank
Petitioner submitted five loan applications to Citizens
National Bank from March 19, 1989, to November 11, 1992. AIM
submitted three loan applications to Citizens National Bank
during that period. On the Bolers’ application dated November
11, 1992, petitioner listed a $20,317 real estate mortgage
liability, which he explained as follows: “assets transferred to
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Last modified: May 25, 2011