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condominiums and the return of that income in accordance with a
request from Western Savings' legal counsel. On approximately
June 15, 1984, Derrick and other individuals formed SK Management
Co. (SK) to manage the condominiums, and, by letter dated June
15, 1984, the prior management company acknowledged receipt of
the letter and agreed that SK would take over the condominium
management. The partnerships also engaged an accountant to
review the records of the former management company, and, in
September 1984, the accountant provided some financial data
regarding the period of operations from December 27, 1983,
through May 31, 1984.
During May and June 1984, the partnerships and sellers
entered into separate identical, formal agreements or contracts
(May agreements) for the sale of each condominium. These
superseding agreements did not change the basic obligations of
the December agreement. The May agreements merely provided
additional detail with which to carry out the intent of the
December agreements. The May agreements, although executed in
May or June 1984, were dated as of the December 1983 date which
corresponded to the December agreements. The May agreements
provided for the same July 2, 1984, settlement date, and, in
accordance with the December agreements, recited that the
partnerships were entitled to possession of the condominiums, as
well as all of the benefits and burdens of ownership.
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