- 7 -
Kenning Atlantic Iberica, NV, in settlement of
litigation instituted by you, allegedly on behalf of
A.T.O. Marketing Limited, an Isle of Man entity of
which you were a director. You received this amount on
May 7, 1987, in the form of a Bank Draft from Lloyd's
Bank, Plc payable to the Swiss Bank Corporation,
through your solicitors, Maxwell, Glasner & Co., and
you acknowledged receipt of the Bank Draft by letter to
Maxwell, Glasner & Co. dated May 7, 1987. On that date
you also advised Danny Glasner, Esq., of Maxwell,
Glasner & Co. that "The Banker's Draft will be
collected by Mr. Walter T. McGee a director of A.T.O.
Marketing Limited."
The foregoing amount is determined to be your
income for the reasons set forth above, as well as the
following reasons:
(1) You were the last identifiable person in
possession of the Bank Draft, and you have failed to
document its subsequent disposition;
(2) You have stated that "The check [Bank Draft]
was deposited in the Swiss Bank Corporation for the
benefit of A.T.O. Marketing Limited," but you have
failed to provide any documentation, such as a deposit
slip or an account reference in support of this
contention;
(3) The books and records of A.T.O. Marketing
Limited do not reflect the receipt of the 570,000 pound
sterling Bank Draft in 1987 or at any subsequent time,
nor do they reflect the settlement with Kenning
Atlantic Iberica, NV, in 1987, or any account in the
name or for the benefit of A.T.O. Marketing Limited at
the Swiss Bank Corporation in 1987;
(4) You have stated "I was not a shareholder or
owner of A.T.O. Marketing Limited," but your
solicitors, Scates, Rosenblatt, admitted in August of
1989 that you were the "beneficial owner" of TS
Holdings, and TS Holdings, in turn, was the registered
50% owner of A.T.O. Marketing Limited;
(5) When you were contacted by a representative
of the Petchey Group of Companies (the corporate group
which was the successor in interest to TS Holdings and
to A.T.O. Marketing Limited) and were asked to account
for the disposition of the 570,000 pounds sterling, you
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