- 7 -
1983 and early 1987. The recession was severest during 1985
through 1987, with the lowest point occurring during the first
quarter of 1987.
In 1985, 1986, and 1987, at least several prominently
located vacant land tracts were available for sale and/or
development in the vicinity of the Property. However, none of
those parcels were sold during this period. Moreover, the market
value for all classes of improved commercial real estate had
steadily declined, and there was an excess inventory of
commercial office, retail, and industrial buildings. Sales of
such properties by repossessing lenders were common in 1987.
The availability of financing for new development was minimal at
this time, and development reached a virtual standstill.
On March 31, 1987, if the Property had been vacant land, the
highest and best use of the Property would have been to hold it
for future commercial development. As then improved, however,
the highest and best use of the Property was as an automobile
dealership.
II. The Corporation's $13,000 Transfer to Vance E. Lanier, Inc.
Vance E. Lanier (Vance) is the Laniers' son. He was an
officer of the Corporation in 1987. Vance was also a candidate
for Representative for District 43 of the Louisiana House of
Representatives in the election held on October 24, 1987. Vance
E. Lanier, Inc., d/b/a the Committee to Elect Vance Lanier (the
Committee), was duly incorporated under the laws of Louisiana.
Page: 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