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a. Sale of IBM Building ........... 110
b. Torcon Transactions With Prudential .... 110
c. Walters’s Transactions With Prudential .. 112
d. Walters’s Transactions With Travelers ... 113
e. Schaffel’s Payments to IRA and THC .... 116
f. Four Ponds, FPC Subventure, and One River
Partnerships ............... 118
(i). Four Ponds Partnership ..... 118
(ii). FPC Subventure Partnership ... 119
(iii). One River Partnership ...... 119
(iv). Meyers’s Memorandum Regarding
Four Ponds Partnership ..... 120
(v). FPC Subventure’s Tax Returns .. 122
4. Schnitzer/PMS Payments From 1979 Through 1989 . 124
5. Payments from Eulich/Essex Partnership to
IRA and THC From 1982 Through 1989 ...... 131
a. John Eulich ............... 131
b. Allen Ostroff .............. 133
c. Hotel Management Industry Trends ..... 134
d. The Gateway Hilton and John Connolly ... 135
e. Gateway Hotel Management Co. and Essex
Corp .................. . 138
f. MHM and GHM Hotel Management Contracts .. 140
g. Essex Partnership ............ 141
h. Essex Partnership Operations ....... 144
i. GHM’s and MHM’s Representation and
Marketing Agreements ........... 145
j. Transfer of IRA’s Essex Partnership
Interest ................. 151
k. Payments to Essex Partnership and Essex
Partnership Distributions ........ 152
B. Certain Loans, Payments, and Other Benefits That
Ballard and Lisle and/or Their Family Members
Received ..................... 153
IV. Additional Findings of Fact: The Flow of Funds ..... 159
A. Payments Made by The Five to IRA and Its
Subsidiaries From 1977 to 1989 .......... 160
1. Payments Made During 1977 Through 1983 .... 162
2. Payments Made During 1984 to 1989 ....... 164
B. Distribution of the Funds Paid by The Five in
Connection With the Various Prudential
Transactions to Kanter, Ballard, Lisle, and Their
Respective Family Members ............. 166
1. Additional Details Regarding Management and
Control of Carlco, TMT and BWK ........ 166
a. Carlco .................. 166
b. TMT ................... 167
c. BWK ................... 167
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Last modified: May 25, 2011