David and Shirley Singer - Page 27

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          could elaborate on Gardino's technical background, however, Bach            
          replied:  "No.  All I know is that * * * he was the head of the             
          syndicate department and used to pass on all offerings that came            
          into * * * his place of business, * * * and even though he wasn't           
          an engineer, he had an engineering background."  Bach did not               
          know what type of degree Gardino earned in college or whether he            
          had any experience in plastics recycling.  Gardino did not                  
          testify at the trial of this case.                                          
               Bach acknowledged that he was not qualified to assess the              
          value of the Sentinel EPE recycler.  He did not consult an                  
          independent appraiser or anyone with expertise in plastics                  
          materials or plastics recycling.  Bach relied upon the Plymouth             
          offering memorandum for the value of the machine.  He recalled              
          reading "an independent appraisal stating how they got to the               
          value of the machine based upon the production, the income the              
          pellets would bring".  However, Bach did not investigate the                
          market for recycled resin pellets.  Nor did he contact Ulanoff or           
          Burstein, or inquire whether they had an interest in the Plastics           
          Recycling transactions.  He concluded that the author of the                
          appraisal was independent based solely on the offering                      
          memorandum.  In fact, Ulanoff and Burstein each invested in                 
          several Plastics Recycling partnerships, and as the offering                
          memorandum disclosed, Burstein was a client and business                    
          associate of the corporate counsel to PI, Miller.                           






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