- 7 - as his 50 percent of the net proceeds, $4,000 in 1977, $12,000 in 1978, and $20,000 in 1979. No payments were made by the corporation on the $111,000 "investment certificates". Sometime in 1980, upon his return from a European business trip, petitioner discovered that Mr. Takos had sold all of the corporation's inventory of local properties and absconded to the State of Florida with the proceeds and most of the corporate records. Petitioner filed a shareholder's derivative suit against Mr. Takos on behalf of the corporation. On October 22, 1984, a State court in Iowa rendered a judgment against Mr. Takos and his wife (judgment debtors) in favor of the corporation for $203,948.42 in actual damages, $125,000 in punitive damages, and reasonable attorney's fees. Pursuant to Iowa law, a receiver was appointed to collect the assets of the corporation, including the judgment against Mr. Takos and his wife, and to liquidate the corporation. The receiver soon determined, by January 1985, that there were no assets of the judgment debtors in the State of Iowa, nor did the judgment debtors have any significant assets in Florida on which the judgment could be satisfied. Furthermore, the attorney in Florida who had been employed to examine the judgment debtors stated: "I don't believe that further collection efforts will be worthwhile." In his Application to Terminate Receivership and Final Report, dated January 11, 1985, the receiver reported that there were no corporate assets in thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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