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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 West
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