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order to place the restaurant's assets outside the reach of
creditors. He asserted that he neither owned nor operated the
restaurant after September 15, 1993, and that he thereafter
considered Ms. Eagatatt to be the owner of the restaurant.
Based on the entire record, we conclude that no sale took
place. Mr. Rungrangsi admitted that the restaurant's business
license remained in petitioners' names after September 15, 1993.
Indeed, the record is unclear when and if the license was ever
changed. The business checking account at Sanwa bank was never
changed to make Ms. Eagatatt a signatory thereon, or to remove
petitioners as signatories. More importantly, petitioners
continued to utilize the Sanwa business checking account after
September 15, 1993, in the same manner as they had previously used
the account--drafting checks out of the account and endorsing and
depositing checks into the account.
During 1994, petitioners made deposits totaling $107,945.98
into the Sanwa business checking account and wrote checks totaling
$52,238.21 for apparent business expenses out of the Sanwa business
checking account. Further, during 1994 petitioners wrote checks to
themselves or for personal expenses out of the Sanwa business
checking account.
Even though the bulk sale notice indicated that Ms. Eagatatt
would be responsible for all of Stanton Mexicatessen's liabilities,
during 1994 petitioners continued to write checks to First
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