Anclote Psychiatric Center, Inc. - Page 33

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            are different from those which determine the liability for                                   
            contributions.  In any event, there is insufficient evidence in                              
            the record to satisfy respondent's burden of proof in this aspect                            
            of the inurement issue.  On this basis, we accept the testimony                              
            of Messrs. O'Donnell and Rosenkranz that they thought the figure                             
            was approximately $300,000 and that this was the figure they used                            
            in the negotiations.6  As a result, we conclude that the purchase                            
            price should be $6,638,120.                                                                  
                  The next question is what was the value of the assets                                  
            transferred by petitioner to AMH.  We think that the best way to                             
            approach this question is to take the September 30, 1981, balance                            
            sheet which was Mr. Sheldrick's starting point and make three                                
            adjustments to reflect:  (1) The increase in the amount of cash                              
            and Treasury bills; (2) Mr. Sheldrick's adjustment of $280,000 to                            
            reflect an increase in the value of the hospital land; and (3)                               
            the values of the Belcher Road and County Road #77 real estate                               
            above the value of $581,153 at which they were carried on                                    
            petitioner's books.7  If these three adjustments produce an                                  


                  6  This round figure is quite close to the actual payments                             
            by AMH; i.e., $171,640 for fiscal 1982 and $97,945 (the pro rata                             
            portion of fiscal 1983 payment for the period prior to sale -                                
            220/365 x $162,168), or $269,583.                                                            
                  7  We have concluded that $60,000 attributable to the value                            
            of two vacant lots should not be a separate item because it may                              
            well be that these lots were included in Mr. Shelton's valuation                             
            of the hospital's land, buildings, and improvements.                                         




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