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Apart from leasing and licensing seven recyclers instead of six,
the underlying transactions involving Plymouth do not differ in
any substantive respect from the Clearwater transactions
considered in the Provizer case.
For convenience, we refer to the series of transactions
among PI, ECI Corp., F & G Corp., Plymouth, FMEC Corp., and PI as
the Plymouth transactions. In addition to the Plymouth
transactions, a number of other limited partnerships entered into
transactions similar to the Plymouth transactions, also involving
Sentinel EPE recyclers and Sentinel expanded polystyrene (EPS)
recyclers. We refer to these collectively as the Plastics
Recycling transactions.
B. Plymouth Equipment Associates
Plymouth is a New York limited partnership that closed on
December 21, 1981. Richard Roberts (Roberts) is the general
partner of Plymouth.
A private placement memorandum for Plymouth 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. Ulanoff
owns a 1.27-percent interest in Plymouth and a 4.37-percent
interest in Taylor Recycling Associates. Burstein owns a 2.605-
percent interest in Empire Associates and a 5.82-percent interest
in Jefferson Recycling Associates. Like Plymouth, Taylor
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