- 14 - Walker carried on an affair with another woman. During 1978 through 1981, he helped support this woman by giving her about $15,000 a year in cash and other gifts. In addition, he purchased a $10,000 BMW for her in 1978. During 1978 through 1981, Mr. Walker and Reilly (West Jersey's other shareholder) jointly owned several other corporations besides West Jersey. One of their corporations owned and operated a 53-foot Hatteras yacht and a 46-foot Hatteras sport fishing boat. Another corporation owned and operated an airplane. In addition, during 1978 through 1981, West Jersey owned a Rolls Royce, and it or one of Mr. Walker's and Reilly's other jointly owned corporations owned a condominium. In about 1984, Reilly withdrew from the operation of West Jersey. He then sued Mr. Walker to obtain payment for his interest in the assets of all the corporations he and Mr. Walker jointly owned. As a result, the airplane, boats, car, and condominium owned by West Jersey and their other corporations were sold, and the proceeds divided between Reilly and Mr. Walker. After Reilly's withdrawal from West Jersey's operation in 1984, Mr. Walker continued to operate West Jersey and conduct its pipe flange manufacturing business. Shortly before or after Reilly's withdrawal, Mr. Walker loaned $300,000 to West Jersey. Mrs. Walker resumed working and performed clerical tasks at WestPage: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011