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discussed the investment with Mr. Zenkel. She did not know
whether Becker or Steele had any experience, education, or
background in plastics recycling. The Zenkels each talked to
Steele about the investment. Mr. Zenkel called Becker directly
and asked him a large number of questions about the Plastics
Recycling transactions. Becker answered his questions and
related the particulars of his investigation to Mr. Zenkel. The
Zenkels had extensive investment experience prior to investing in
SAB Reclamation. Mrs. Zenkel considered Mr. Zenkel, who had
professional experience in the syndication business, to be
sophisticated in financial matters.
2. Robert G. Blount
Petitioner Robert G. Blount (Blount) resided in
Southhampton, New York, when his petition was filed. He received
an undergraduate degree in accounting from Babson College in 1960
and joined the accounting firm of Arthur Andersen & Co.
(Andersen) that same year. Blount became a C.P.A. in 1965 and in
1970 he became a partner at Andersen. In 1973 he left Andersen
and became the chief financial officer of a small company and in
1974 he joined American Home Products (AHP), a major
pharmaceutical manufacturer, as its treasurer and vice president
of finance, subsequently advancing to positions of greater
responsibility with AHP. On his 1981 Federal income tax return,
Blount reported gross income from wages in excess of $332,000.
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