- 7 - into the deal. One of the new partners, John S. Foggy, deceived John by purchasing the remaining unoptioned property. To fight this deception, on December 15, 1988, John bought out Larry. Larry agreed to give up his interest in Westlake, and as consideration John guaranteed Larry the return of his capital and a $50,000 profit, a total of $61,000. John secured his guarantee by deeding Chancery Court to Sid, Larry's brother. This time the agreement did not prevent the recording of the deed, and Larry recorded it on December 22, 1988. Larry promised to have Sid redeed the property to John as soon as Larry received his money. The Westlake Agreement explains that Sid's name was used on the Chancery Court deed because Larry was experiencing palimony problems. But another possible reason for this action appeared on January 31, 1991, when the State of California brought a complaint for forfeiture in rem against Chancery Court. California alleged that Larry was a drug king and that Larry's agents sold drugs at Chancery Court. The State further alleged that Larry owned Chancery Court, as well as other property, and that the owners of record were mere straw men. The titles to two properties, including Chancery Court, that Larry allegedly owned listed Sid as the owner. Sid, however, did not know why his name appeared on either one of the deeds, and he officially disclaimed any right to Chancery Court on February 4,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011