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believe that Bradish carried out what he testified were his
instructions from Parker: “My instructions were to take title to
the property, for the girls, and Parker was not to get his hands
on their money as it came down the pike. That was what the
instructions were to me.”
b. Management Agreement
The management agreement gave Parker certain rights with
respect to the $2 million notes. The daughters argue that the
management agreement indicates that Parker had dominion and
control over the $2 million notes and, thus, had never completed
a gift to the daughters. We disagree. In fact, the management
agreement signifies to us that Parker had not retained dominion
and control over the $2 million notes. If he had, he would not
have needed the management agreement. We accept Parker's
explanation that the management agreement resulted from his
divorce from Betty and from his concern that the daughters would
be persuaded to sell the notes for inadequate consideration.
c. Related Agreement
The related agreement put the $2 million notes at risk for
Parker's interest obligation under that agreement. The daughters
argue that such risk shows that Parker controlled the $2 million
notes. We disagree. Clearly, the daughters bore some risk of
Parker's default. Theoretically, Parker's default could have
eliminated all of their equity in the $2 million notes, because
the related agreement contained a five-fold penalty clause
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