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submitted, while Bachmann advised clients on financial matters.
Bachmann was a graduate of City College of New York. In addition
to his work at Bachmann, Schwartz, he served as chairman of the
board of a public company, Applied DNA, and for a time during the
1980's he chaired two New York State agencies, the Housing
Finance Agency and the Hospital Agency. Abramson earned an
undergraduate degree in accounting, a law degree, and a masters
of law degree in taxation. Greene, also a C.P.A., received a
B.A. degree from New York University and a Masters of Business
Administration degree from Hofstra University in 1960.
Bachmann learned about the Sentinel EPE recyclers and the
Plastics Recycling transactions from an acquaintance, Elliot
Miller (Miller), and Abramson learned about them from Bachmann.
Miller was corporate counsel to PI and a shareholder of F & G in
1981. Greene learned about the Plastics Recycling transactions
from Bachmann and Abramson at a firm meeting. Bachmann and
Abramson read the offering memoranda for the Partnership
transactions. Bachmann reviewed the business aspects and
Abramson reviewed the tax aspects. The two also traveled to
Hyannis and toured PI's plant and offices and spoke to the
principals of PI. Abramson had the understanding from statements
made to him during the tour and from his reading of the offering
circular that the recyclers somehow were unique. He also
discussed tax matters with John Taggart, the head of the tax
department of Windels, Marx, Davies & Ives (WMDI). WMDI prepared
the tax opinion letter appended to the offering memoranda.
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