Big Hong Ng - Page 23

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          raise the cash needed to pay off her loans by selling the Larkin            
          Street and Lombard Street properties in an exchange transaction.            
               Ms. Ng entered into a contract to sell the Larkin Street               
          property to David Mandel for $565,000 on September 2, 1988.  She            
          subsequently transferred the property to Independent Exchange               
          Services, Inc. (IES), which in turn transferred the property to Mr.         
          Mandel on November 10, 1988.  The net cash due Ms. Ng was                   
          $85,317.57 after all existing loans and taxes were paid.                    
               Ms. Ng entered into a contract to sell the Lombard Street              
          property to JSM & Inter Realty Corporation for $990,000 on January          
          5, 1989.  She subsequently transferred the property to IES, which           
          in turn transferred the property to JSM & Inter Realty Corporation          
          on February 6, 1989.  The net proceeds from this sale to Ms. Ng             
          ($304,178.26) were placed in an escrow account with Founders Title          
          Company (Founders).                                                         
               On January 11, 1989, Ms. Ng agreed to pay $1.1 million to              
          Strong Hope for the purchase of Strong Hope's 50-percent interest           
          in the Stockton Street property.  Also on January 11, Ms. Ng and            
          Strong Hope agreed to an addendum to the sale contract providing            
          that IES would be substituted for Ms. Ng as buyer, and that once            
          Strong Hope conveyed the property to IES, the property then would           
          be transferred from IES to Ms. Ng.                                          
               Ms. Ng was required to pay $100,000 to the Internal Revenue            
          Service (IRS) on May 9, 1989, apparently to satisfy a tax lien, in          
          order to open her restaurant in San Francisco.  She also had to             




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