- 6 - payable to stockholder * * * due in 1997 bearing interest at 10% per annum, payable monthly." But for this reference, the record does not contain any evidence of notes fitting that description or loans from petitioners to BCBI under such terms. As indicated, having resigned his position with Maryland Cup Corp., petitioner intended to participate actively in the marina business. Consistent with this intent, petitioners were employed by BCBI from 1987 through 1991 and received the following compensation: Year Petitioner Mary B. Plante 1987 $39,000 $3,900 1988 33,000 5,100 1989 -0- 1,800 1990 1,500 -0- 1991 38,000 -0- Although petitioner intended to make a career out of the marina business, his intentions were frustrated by the operating losses suffered by BCBI. In order to minimize his loss with respect to his investment in BCBI, petitioner decided to sell his interest in the corporation. BCBI was listed for sale for $2.25 million through a broker, who in August or September 1991 identified Douglas and Kay Hansen as prospective purchasers. After preliminary negotiations, petitioner indicated that he would be willing to accept $1,050,000 from the Hansens for his interest in BCBI.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011