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recyclers. We refer to these collectively as the Plastics
Recycling transactions.
B. Resource Reclamation Associates
Resource is a New York limited partnership that closed on
October 15, 1981. Richard Roberts (Roberts) is the general
partner of Resource.
A private placement memorandum for Resource was distributed
to potential limited partners. Reports by F & G Corp.'s
evaluators, Dr. Stanley M. Ulanoff (Ulanoff), a marketing
consultant, and Dr. Samuel Z. Burstein (Burstein), a mathematics
professor, were appended to the offering memorandum. Both
Ulanoff and Burstein invested in the Plastics Recycling
transactions. Burstein also was a client and business associate
of Elliot I. Miller (Miller), the corporate counsel to PI.
The Resource offering memorandum states that the general
partner will receive fees from Resource in the amount of $40,000.
In addition, the offering memorandum provides that the general
partner "may retain as additional compensation all amounts not
paid as sales commissions or offeree representative fees".
According to the offering memorandum, it was anticipated that 10
percent of the proceeds from the offering--$95,000--would be
allocated to the payment of sales commissions and offeree
representative fees. Roberts therefore was to receive a minimum
of $40,000 and up to $135,000 from Resource.
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