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"earnest money". On or about August 16, 1988, the Sathavorans
notified petitioners that they would not purchase Sunshine
Liquor.
Petitioners requested that Hanshaw release them from the
purchase of Bayshore Liquor. Hanshaw refused to return the
$10,000 "earnest money" and also refused to purchase Sunshine
Liquor from petitioners. However, Hanshaw allowed petitioners to
defer payment of a portion of the purchase price for Bayshore
Liquor by petitioners' issuing a note to Hanshaw in the amount of
$150,000 plus interest, which was secured by the assets of
Sunshine Liquor.
On October 5, 1988, petitioners purchased Bayshore Liquor
from Hanshaw for $434,593.82. Petitioners financed the purchase
as follows:
Seller $50,861.94
Demand note 75,000.00
Note to Hanshaw1 150,000.00
Credits through escrow 1,863.81
Check 156,868.07
Total 434,593.82
1 The note was due in 1 year, or upon the earlier sale of
Sunshine Liquor.
On March 31, 1989, petitioners sold Sunshine Liquor to Mr.
and Mrs. Nam Kyun and Sun Cha Shin for $286,423.63. This price
was allocated as follows:
Inventory $39,827.71
Other store assets 242,500.00
Lease deposit adjustment 3,800.00
Other 295.92
Total 286,423.63
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