- 23 -- 23 -
Fishbach learned of the Plastics Recycling transactions from
Hertan. Hertan discussed the Plastics Recycling transactions
with Becker. Fishbach understood that Hertan had seen the
machines on a visit to PI in Hyannis, and that Hertan and Becker
were exploring various aspects of the investment. Fishbach spent
just a short amount of time flipping through the offering
materials, looking particularly to see if he recognized any of
the people involved with the Partnerships. He did not see a
Sentinel EPE recycler prior to investing. Other than speaking to
Hertan and Becker, Fishbach did not independently investigate the
Plastics Recycling transactions. Through ZFH Fishbach invested
in SAB Recovery in 1981 and SAB Recycling in 1982. He did not
monitor his plastics recycling investments or, for that matter,
any investments made by the firm. The Fishbachs never made a
profit in any year from their participation in the Plastics
Recycling transactions. Neither of the Fishbachs has any
education or work experience in plastics, and Fishbach did not
know whether Hertan or Becker had any education or experience in
plastics.
3. Charles Fredericks, Jr. and Stephanie Fredericks
Petitioners Charles Fredericks, Jr. and Stephanie Fredericks
(the Fredericks) resided in New York, New York, when their
petition was filed. Charles Fredericks, Jr. (Fredericks) earned
an undergraduate degree from Princeton University and a law
degree from Harvard Law School in 1948. After he was admitted to
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