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June 30, 1989 as follows:
Date Cost written off
shipped by Foretravel
10/28/88 $110,950
11/04/88 111,967
11/29/88 77,537
12/21/88 115,088
1/24/89 134,140
1/31/89 114,650
2/23/89 112,385
3/23/89 115,318
6/10/89 99,075
6/12/89 80,494
Total: $1,071,604
Petitioner also shipped to Northwest unit #3332 (cost $196,185)
on November 9, 1988, and unit #3335 (cost $110,270) on November
18, 1988, and Northwest reduced the balance due on unit #3332 by
$31,255 and paid for unit #3335 in full. Northwest made these
payments in November 1988.
In January 1989, petitioner sent Pam Clark (Clark) to
Northwest as a general manager to manage the business side of
Northwest while Nicholson focused on sales. Northwest's
situation did not improve, and later that same month, Jim Ratliff
(Ratliff), a private investor, demanded payment from Northwest on
a $50,000 note which was not recorded on Northwest's books.
Nicholson had obtained floorplan financing from Ratliff on less
expensive coaches that were too old for Chrysler First to
floorplan. Nicholson had given Ratliff a note for $50,000
secured by rights in one of Nicholson's patents. Nicholson never
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