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Compensation Fund assessments, but such liability was limited to
$114,815, the amount of the liability assessed as of the time of
the agreement. The purchase price was to be paid at closing as
follows: An executed "Assumption of Liabilities" agreement, a
check for $450,000, plus a note for $4,050,000. Closing was held
on May 9, 1983, effective May 1, 1983.
The February 28, 1983, Statement of Liabilities attached to
the purchase and sale agreement included an accrued expense for
"Retirement Fund for Employees (Funding by June 15, 83 [sic],
subject to adjustment by actuarial report)" in the amount of
$291,320. The attached March 31, 1983, balance sheet showed
liabilities of $1,701,786. Petitioner's April 30, 1983 balance
sheet showed liabilities of $1,711,549.20.
On June 6, 1983, AMH made a contribution to the pension
trust of $171,640 for the plan year ended September 30, 1982. On
June 7, 1984, AMH made a contribution of $162,168 for the plan
year ended September 30, 1983. AMH terminated one of its defined
benefit pension plans effective September 30, 1983, replacing it
with a defined contribution plan, and received in excess of
$425,000 due to the termination.
In early 1985, AMH sold the Belcher Road property for
$375,000 and the County Road #77 property for $1,500,000.
During May and June of 1985, AMH received several preliminary
offers to buy the hospital; offers ranged from $12 to $26
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