- 10 - gambled at various casinos. Sheldon owed $84,000 to casinos at his death. In 1981 Sheldon signed a series of documents, dated December 15, 1981, with Crude Associates, purportedly a Florida partnership. Each of these documents relates to State Coal Venture, hereinafter sometimes referred to as State Coal. One document, entitled "Second Sublease", purports to obligate Sheldon to pay $1,600,000 to Crude Associates, by paying $60,000 in cash and $1,540,000 in a promissory note on or before December 30, 1981; the document further purports to require Sheldon to make a $40,000 principal payment on the note on or before January 31, 1982. The other documents are the promissory note, a security agreement, an operating agreement, and a first sublease between Load Associates and Crude Associates. Sheldon is named in, and he signed, each of these documents except for the first sublease. Nancy is not named in, and did not sign, any of these documents. Nancy did not see any of these documents until late 1986, after Sheldon died. Sheldon made the 1981 payment by three checks ($25,000, $15,000, and $20,000) and the 1982 payment by one check ($40,000), all to an escrow account. These checks were drawn on Sheldon's individual checking accounts at Bankers Trust and Chemical Bank. See infra table 7. Sheldon made all the payments that were made on this investment. The entirePage: 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