- 8 - $200,000 and a reasonable expectation of income in the current year in excess of $200,000. Additionally, the Davenport offering stated that there was a high degree of risk with the offering. The offering declared that an investment in Davenport: should be considered only by persons who have a substantial net worth and substantial present and anticipated income and who can afford to lose all of their cash investment in the Partnership and to utilize or lose all or a substantial portion of the anticipated tax benefits flowing from such investment. C. Samuel L. Winer In addition to being the general partner of Davenport, Winer was the general partner of Stevens, Hamilton, Masters, Dickinson, Pompano, and Whitman Recycling Associates. These were TEFRA partnerships which purported to lease Sentinel EPS recyclers and were substantially identical to Davenport. Also, Winer was the general partner of two non-TEFRA partnerships which purportedly leased Sentinel polyethylene (EPE) recyclers, Clearwater and Poly Reclamation Associates. Although Winer was involved in marketing the partnerships of which he was a general partner, he did not participate in structuring the Plastics Recycling transactions. Winer was also a part owner of two Sentinel recyclers. Winer does not have an engineering background, and he is not an expert in plastics material or plastics recycling. The Davenport offering indicated that since 1977, Winer had been employed as an independent financial consultant and investment banker and that he had experience in the securities industry. Winer testified at the evidentiary hearing that in 1986 he was aPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011