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Debris box....................... 410.00 -0-
Spellmaster....................... 79.80 -0-
Secretary of State of Colorado.... -0- 5.00
Riverside County Clerk's Office... -0- 67.80
Rents.................................. 940.00 850.00
After the settlement of the McMahon Litigation, petitioner
turned its attention to other matters. Frances and her sister,
Kimberly, had become NII's sole shareholders, and they wanted to
manage property as well as own it. They sought to swap the Burke
Property under section 1031 for an office building, an apartment
building, or a strip mall. Finding the right swap property,
however, proved difficult.
On November 18, 1987, almost directly after Judge Smith
imposed sanctions in the McMahon Litigation, NII by written
contract hired Byrne as a consultant, paying him $500 per month
plus reimbursement for car mileage. NII wanted his experience.
Moreover, at the time, Byrne worked for First Interstate Bank of
CA as the manager of special real estate assets. Through this
position he had contacts with others in the real estate industry
who might know of a suitable property for exchange. Furthermore,
by this time Byrne had acquired a real estate brokerage license.
In addition to requiring Byrne to give advice, the
consulting contract required him to inspect the Burke Property
and to seek out a section 1031 exchange property. Inspecting the
Burke Property required about 2 days' effort twice a year. But
the quest for exchange property took longer: it required finding
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