- 3 -
Advances to SLI
From 1978 through 1982, Yana Kadlec, Mr. Kadlec's mother,
made the following advances to SLI:
Amount Date of Note Maturity Date Interest Rate
$20,000 3/14/78 3/24/79 11% per annum
10,000 10/15/79 10/24/80 17% per annum
10,000 1/30/80 1/24/81 18% per annum
140,000 1/24/82 1/24/83 15% per annum
1Petitioners allege that this note is a renewal of the
previous three notes from Yana Kadlec.
Yana Kadlec died on May 13, 1983. SLI never repaid the principal
due under any of these notes to Yana Kadlec or to her heirs or
assignees.
From 1979 through 1983, SLI borrowed various sums from
Hudson National Bank (Hudson National) of Hudson, Massachusetts.
Most of the borrowing was in the form of 90-day demand notes. In
addition, on November 20, 1980, SLI borrowed $20,000 from Hudson
National pursuant to a 3-year collateral note. Hudson National
required Mr. Kadlec to guarantee these notes. On April 22, 1981,
SLI’s board of directors ratified Hudson National’s 3-year loan.
The corporate minutes indicate that Hudson National required Mr.
Kadlec to personally countersign the borrowing. All notes from
Hudson National were paid in full by November 1983.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011