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to June or July 1982.
In February of 1982, West Pine had filed a petition for
bankruptcy protection. The amended disclosure statement filed in
the bankruptcy court on September 20, 1982, listed the
shareholders of West Pine's common stock as: John McCullough
(then deceased) and his widow (13 percent), Thomas Walsh and
Kathleen Walsh (12 percent), Joseph Crosley and Marie Crosley
(12 percent), the Quinns (13 percent), the Gaskins (13 percent),
Oscar and Lillian Glassman (20 percent), Charles T. Conwell (12
percent), and Herbert Fisher (5 percent). All of the shares
except those belonging to the Glassmans and the Crosleys were
pledged as security for loans from Oscar Glassman and Joseph
Crosley of $144,000 and $40,000, respectively. The amended
disclosure statement listed West Pine's officers as: Mr.
Gaskins, acting president; Mr. Quinn, acting secretary; Thomas
Walsh, acting treasurer; Joseph Crosley, acting vice president;
and Charles Conwell, acting assistant vice president; Mrs.
Gaskins was not listed as an officer.
Following a criminal investigation, Mr. Gaskins and
Mr.Quinn were charged with diverting receipts belonging to West
Pine.3 Mr. Gaskins and Mr. Quinn were convicted of Federal
3Petitioners William C. Gaskins and Pasquale T. Quinn have
conceded in this case that they received receipts nor whether the
diverted receipts included the rental of the Lincoln Continental
automobiles and the payment of personal or nonbusiness expenses
out of the corporate bank account.
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