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An analysis of the Chemical Traders' bank account
and checks drawn on it shows that in 1966 it issued
checks in the total amount of $462,921.00, of which
$115,000.00 was written to cash. Traced to Levitt's
personal accounts with various stock brokerage firms
was the sum of $84,941.00. Additionally, a check drawn
to an unknown payee was deposited to Levitt's account
at the Merchant's Bank of New York and another check
also payable to an unknown payee was deposited to
Levitt's account at Edwards & Hanley, a stock brokerage
firm.
In 1967 Chemical Traders issued checks totalling
$320,000.00. Of this sum, a total of $106,500.00 was
deposited into various personal accounts held by Levitt
with various stock brokerage firms while the
disposition of an additional $128,500.00 is unknown.
Given the total control Levitt had over this account
and his total control of the Resyn operation, his
failure to testify as to unidentified deposits and
withdrawals on the account is significant. * * *
In re Resyn Corp., 81-2 USTC par. 9808, at 88,686-88,691 (Bankr.
D.N.J. 1981).
The bankruptcy court entered a judgment against Resyn on
December 9, 1981. The District Court for the District of New
Jersey entered opinions on November 22, 1982, August 19, 1986,
and December 31, 1986, on appeal from the bankruptcy court's
judgment. The Court of Appeals for the Third Circuit issued two
opinions, Resyn Corp. v United States, 851 F.2d 660 (3d Cir.
1988), and In re Resyn Corp., 945 F.2d 1279 (3d Cir. 1991). The
District Court entered its order on remand on July 9, 1992.
There has been no appeal from that order.
L. Sale of Resyn Corporation
Petitioner sold Resyn to Celanese Corp. in August 1977. In
1981, Resyn had no assets, but was liable for obligations to
Celanese Corp. and to respondent.
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