- 3 -
Between 1972 and 1988, petitioner transferred at least
$1,571,429 to EPL.
Over the years, EPL obtained a number of loans from banks.
These loans were personally guaranteed by petitioner. Funds that
petitioner individually transferred to EPL were not secured and
were subordinated to bank loans EPL obtained.
Not until September of 1990 did petitioner take steps to
secure funds he alleges to have loaned to EPL.
Between 1973 and 1984, a series of purported promissory
notes were executed on behalf of EPL and in favor of petitioner
that apparently related to some of the funds petitioner
transferred to EPL. Neither petitioner nor EPL, however,
maintained adequate, current documentation and accounting records
reflecting funds petitioner transferred to EPL. Certain
documentation relating to the funds petitioner transferred to EPL
appears to have been originated not at the time the funds were
transferred but in later years.
Of the $1,571,429 that petitioner alleges constituted funds
he loaned to EPL, $729,248 thereof is not reflected by any
purported promissory notes.
At some point in time, an undated document was executed on
behalf of EPL and in favor of petitioner indicating that
petitioner agreed to loan over an unspecified period of time an
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011