- 3 -3
to the Dubatos.2 Within the time promised (i.e., 30 or 60 days),
the Dubatos repaid petitioners the full amount of each loan.
Petitioners made the loans because they wanted to help their
friends and because Mrs. Bauer wanted a nice restaurant close by
to which she could take her real estate clients. Petitioners,
however, were not in the business of lending money.
During 1992, the Dubatos continued having financial
problems. Through a series of nine payments, petitioners
advanced a total of $10,901.39 to, or on behalf of, the Dubatos
between the months of March and August 1992.3 These advances
were not supported by written loan documents. Petitioners
expected to be repaid within 30 to 60 days and to receive an
annual interest rate of 15 percent.
2 The first of these loans was for $500, to be repaid
within 30 days.
3 Petitioners made the following advances during 1992:
Date Amount Form and Purpose of Payment
March 16 $2,000.00 Cash to cover payroll
March 28 2,800.00 Rent check to Hesling Fam. Trust
April 22 866.62 Cashier’s check for insurance
May 22 2,000.00 Cashier’s check for supplies
May 22 2,000.00 Cashier’s check for supplies
April/May 462.00 Check to publications for adver.
May/June 115.67 Check to florist for decorations
June/July 477.10 Check to publications for adver.
August 180.00 Check to publications for adver.
Total 10,901.39
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Last modified: May 25, 2011