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McMahon purchased a 50-percent interest in Senter Associates.
When Byrne stopped working for Parr, McMahon repaid the debt by
transferring half of his interest in Senter Associates to Byrne.
Parr knew of this arrangement.
Parr sold the Burke Building, along with the lease, to
Senter Associates sometime before July 10, 1970. The sole
consideration was the assumption by Senter Associates of the TIAA
encumbering liability, which at the time of acquisition had a
remaining principal balance of $304,271.63.
In August of 1971, Senter Associates and Burke entered into
a second lease (the Burke Lease), which superseded the original
lease negotiated by Parr. The Burke Lease provided for the
construction of a 34,000 square foot addition to the Burke
Building (the Addition) and for a corresponding increase in rent.
The lease guaranteed an annual rent, starting at $65,250 and
increasing over time. Senter Associates purchased land for the
Addition from Burke for $21,600 on September 22, 1971.
Shortly before the Addition was completed and paid for,
Senter Associates incorporated and on December 18, 1971, became
NII. The partners contributed all the assets of Senter
Associates to NII, which also assumed all of the liabilities of
Senter Associates. In return the partners, including Byrne, each
received 500 shares of NII stock and a corporate note for
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