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Like Friedman, Alter submitted several documents into the
record as evidence that he monitored his investment in Poly
Reclamation. Of a total of six documents submitted, only one
dealt with Poly Reclamation. That one, dated September 30, 1982,
indicated that three of Poly Reclamation's Sentinel EPE recyclers
had been placed and were running. The other five documents dealt
with partnerships that owned Sentinel EPS recyclers. An August
29, 1985, letter discussed "the impossible pricing situation that
continues in the polystyrene market." The remaining documents
were two financial statements for Stevens Recycling Associates
(Stevens Recycling) for the years ended 1982, 1983, and 1984, and
two reports regarding the placement of the Sentinel EPS recyclers
owned by Stevens Recycling.
Alter was not sufficiently confident of Poly Reclamation and
the Plastics Recycling transactions to recommend them expressly
to his clients. On direct examination, he was asked if, "in
connection with the making of this investment yourself, and in
recommending" the investment to his clients, he earned a
commission. Alter replied: "No, I did not, and I would like to
correct your use of the word 'recommend.' I told them I was
going into it and it seemed sound, and if they were interested
they could participate as well." Alter reiterated this point on
cross-examination in the following exchange:
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