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had significant income. Busch learned about the Partnership
transactions from Tucker. After reviewing the offering
materials, Snyder arranged a meeting with Becker in his office at
Simon & Schuster. Busch also attended this meeting. Snyder knew
that Becker was not an expert in plastics recycling or
engineering.
At the meeting in Snyder's office, Snyder and Busch asked
Becker about the economic and tax aspects of the Partnership
transactions. Becker provided them with all of the information
that was available to him. He told them that he had spoken to
Canno, that he had visited PI's plant in Hyannis, that the
Sentinel EPE recycler did in fact exist, and that he had seen it
in operation. Becker also told them that he had checked the
price of pellets in plastics industry trade journals. He told
Busch that he believed that there was a market for the recycler.
Becker also indicated that he agreed with the tax opinion
included in the offering materials.
Snyder also spoke with Miller. Miller and Snyder are former
college classmates and fraternity brothers. Although the two had
not spoken to each other since 1955, Snyder recognized Miller's
name in the offering materials and decided to contact him about
the recyclers. Snyder claimed that Miller spoke approvingly of
the Partnership transactions and, with respect to PI, said "that
he invested his future in this company". Miller also indicated
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