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Associates, partnerships that leased Sentinel recyclers.
Burstein owns a 2.605-percent interest in Empire Associates and a
5.82-percent interest in Jefferson Recycling Associates, also
partnerships that leased Sentinel recyclers. Burstein also was a
client and business associate of Elliot I. Miller (Miller), the
corporate counsel to PI.
The offering memoranda for Plymouth and SAB Reclamation
state that the general partner will receive fees from those
partnerships in the respective amounts of $37,500 and $110,000.
SAB Management received fees of approximately $500,000 as the
general partner of the SAB Recycling Partnerships. In addition,
Becker Co. prepared the partnership returns and Forms K-1 for all
of the SAB Recycling Partnerships and received fees for those
services.
The offering memoranda for Plymouth and SAB Reclamation
state that sales commissions and offeree representative fees will
be paid in amounts equal to 10 percent and 7.5 percent,
respectively, of each investment guided to the partnerships and
that the general partner "may retain as additional compensation
all amounts not paid as sales commissions or offeree
representative fees." However, neither SAB Management nor Becker
retained or received any sales commissions or offeree
representative fees. Instead, after the closing of each SAB
Recycling Partnership, Becker rebated to each investor whose
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Last modified: May 25, 2011