Estate of Thomas A. Fleming, Deceased, Cathy J. Hirt, Independent Successor Executrix - Page 3

                                        - 3 -                                         

          Longview was permitted to charge for each such note a $10 acqui-            
          sition fee (acquisition fee) and a handling charge (handling                
          charge), the amount of which varied according to the amount and             
          duration of the trade note receivable.  If a debtor of B&W                  
          Longview prepaid that debtor's trade note receivable, B&W                   
          Longview was required under Texas law and/or regulations to                 
          refund a portion of the acquisition fee and/or the handling                 
          charge.  The amount of any such refund, which was regulated by              
          the Office of Consumer Credit in Texas, depended upon the amount            
          and duration of the trade note receivable.                                  
               In addition to the trade notes receivable, on the valuation            
          date, B&W Longview had in its portfolio of loans 11 demand loans            
          (demand loans), each of which bore monthly interest of one                  
          percent of the unpaid balance of the loan.  Five of those loans             
          were in amounts exceeding $100,000, one loan to decedent was in             
          the amount of $6,200, and one loan was for less than $1,000.  As            
          of the date of the trial of this case, two of the demand loans              
          remained outstanding.                                                       
               On the valuation date, the assets of B&W Longview consisted            
          of cash totaling $760,953, the gross amount of the trade notes              
          receivable totaling $1,012,177,2 nondepreciable assets totaling             
          $75,323, the demand loans totaling $652,139, and other assets               

          2  B&W Longview showed on its balance sheet as of the valuation             
          date a "Discount for Bad Debts" of $101,217 with respect to the             
          gross amount of trade notes receivable.                                     




Page:  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