- 36 - were interested they could participate as well." (Emphasis added.) Alter reiterated this point on cross-examination in the following exchange: Q Did you suggest that your clients consult with others who were plastics experts? A No. I told them that I was investing and that it seemed like a sound investment to me, and if they were interested they could participate as well. Q Did you recommend the investment? A To the extent that I just stated. Feinstein recalled Alter's presentation of the transactions as follows: "It is my recollection and based on how I was and he was with clients, that it was a possible investment. He thought it would work for them and would work as an investment with no-- no pressure at all. * * * Most certainly not pressure." With respect to what Feinstein himself advised petitioners, Feinstein could not recall if he was asked for a recommendation, and could only venture that "I probably would have said that it's--it's a type of situation".13 Petitioners maintain that they reasonably inferred that Alter's personal decision to invest was a tacit recommendation of the Plastics Recycling transactions, particularly given his history of rejecting tax shelters that had been suggested to them 13 In answers to interrogatories, incorporated into a stipulation, petitioner Zimmer indicated that in his view Alter and Feinstein had recommended the Plastics Recycling investment to him. The testimony of Alter and Feinstein clarifies this limited and qualified stipulation.Page: Previous 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Next
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