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January 1987, and was again increased, to $60,000, beginning in
January 1988.
In his letter dated November 4, 1988, to Watson,
petitioner’s executive director advised Watson that there was a
substantial discrepancy between W&H’s calculation of petitioner’s
Escrow Account balance and what petitioner calculated its Escrow
Account balance to be. The executive director asked that W&H
authorize transfer from the Escrow Account of the entire
remaining $90,000 of petitioner’s draws for 1988.
In his letter dated November 23, 1988, to Watson,
petitioner’s executive director acknowledged petitioner’s receipt
of its mid-November, semimonthly draw of $30,000 from the Escrow
Account, and stated that he assumed petitioner would be receiving
its draws for 1988 as originally scheduled, rather than in the
lump sum he had asked for in his November 4, 1988, letter. He
further asked that W&H immediately transfer to petitioner half of
the proposed $300,000 it would draw from the Escrow Account for
the period January through May 1989.
In his letter dated December 28, 1988, to Watson,
petitioner’s executive director advised that petitioner’s
Executive Committee had decided petitioner should stop receiving
monthly draws of $60,000 from the Escrow Account, and instead
receive 50 percent of the housefile mailing income, based on
petitioner’s calculation of the net housefile mailing income.
Petitioner’s executive director stated that these transfers are
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