Douglas V. and Magdalene Merante - Page 3

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            Glen Ivy property and became interested in an operation called                            
            Time To Share.2                                                                           
                  Glen Ivy Resorts (Glen Ivy) owned and operated extensive                            
            time-share resort properties in the United States.  Sheldon                               
            operated a marketing company called Time To Share.  The function                          
            of Time To Share was, through various incentive programs, to                              
            bring potential clients to visit sales locations of Glen Ivy,                             
            whereupon Glen Ivy's sales staff would attempt to sell time-share                         
            properties to prospective clients.                                                        
                  Sheldon apparently convinced petitioner that the Time To                            
            Share venture had good potential for profit, and petitioner                               
            became involved in the operation of Time To Share.  Petitioner                            
            was not an employee of Time To Share and did not receive a                                
            salary, but he did oversee one of Time To Share's offices and                             
            exercised some management functions.  Petitioner's description of                         

            2           The public records of the State of California reflect                         
            that a fictitious business name statement was filed on Jan. 17,                           
            1989, signed by Betty Sheldon, Sheldon's wife, providing that, as                         
            of Jan. 17, 1989, Time To Share was a fictitious name of Betty                            
            Sheldon and Jeff Arcuri, and that the business was conducted by a                         
            general partnership.  On Feb. 27, 1989, a fictitious business                             
            name statement was filed reflecting that Time To Share as of Feb.                         
            15, 1989, was a fictitious business name of Betty Sheldon and the                         
            business was being conducted by an individual.  Subsequently, a                           
            public notice published on Jan. 8, 1990, and filed on Jan. 23,                            
            1990, in a  County Clerk's office, stated that a partnership of                           
            Jeffrey Arcuri, Richard Sheldon, and PRU Enterprises, doing                               
            business under the fictitious firm name of Time To Share, was                             
            dissolved on Dec. 1, 1989, and that said business in the future                           
            will be conducted by Richard Sheldon and PRU Enterprises.  The                            
            record contains no information with regard to the identification                          
            or structure of PRU Enterprises.                                                          

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