- 5 - Over the years NII has had four subsidiaries engaged in various businesses, but its primary asset and source of income has always been its building on Senter Road in San Jose, California (the Burke Building). The original owner of the building, Parr Properties (Parr), an industrial real estate developer, leased the building to Burke Rubber Company (Burke) on May 10, 1968, and later, in April of 1969, borrowed $310,000 from Teachers Insurance & Annuity Association of America (TIAA) against both the building and the lease. Shortly thereafter, Parr liquidated all of its assets, including disposition of the Burke Building. Before that time, Byrne had worked for Parr for approximately 20 years, and at the time of the liquidation, he was an executive vice-president and industrial director of Parr. When Parr sold off its assets, Byrne and a group of investors bought the Burke Building. Parr's board of directors approved the sale, but suggested that Byrne not participate as a partner in the venture until after Parr had liquidated so as to avoid the appearance of self- dealing on his part. Consequently, Byrne devised an alternative plan. Byrne lent his brother-in-law, Hugh McMahon, Jr., (McMahon), money to invest in Senter Associates, the partnership acquiring the Burke Building. With this loan and his own funds,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