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For convenience, we refer to the series of transactions
among PI, ECI Corp., F & G Corp., each of the Partnerships, FMEC
Corp., and PI as the Partnership transactions. In addition to
the Partnership transactions, a number of other limited
partnerships entered into transactions similar to the Partnership
transactions, also involving Sentinel EPE recyclers and Sentinel
expanded polystyrene (EPS) recyclers. We refer to these
collectively as the Plastics Recycling transactions.
B. The Partnerships
SAB Recovery, SAB Recycling, and SAB Reclamation are New
York limited partnerships. SAB Recovery was formed in late 1981;
SAB Recycling and SAB Reclamation were formed in early 1982. All
three partnerships were organized and promoted by Stuart Becker
(Becker), a certified public accountant (C.P.A.) and the founder
and principal owner of Stuart Becker & Co., P.C. (Becker Co.), an
accounting firm that specialized in tax matters. Becker
organized a total of six recycling partnerships (the SAB
Recycling Partnerships). Two of the SAB Recycling Partnerships
closed in late 1981, two closed in early 1982, and two more
closed in late 1982.
The general partner of each of the SAB Recycling
Partnerships, including SAB Recovery, SAB Recycling, and SAB
Reclamation, is SAB Management Ltd. (SAB Management). SAB
Management is wholly owned by Scanbo Management Ltd. (Scanbo),
which is wholly owned by Becker. Scanbo is an acronym for the
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