- 9 - 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 FirstPage: 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