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purchasers, and Hambrose. The partnership paid for the
additional equipment as follows: $1,106,470 in cash and a
$9,958,226 installment note secured by the additional equipment.
The note was payable in eight installments with the first
installment of $644,530 due at closing. Thereafter, the payments
were as follows:
Year Amount
1986 $206,473
1987 2,477,681
1988 2,477,681
1989 2,477,681
1990 2,477,681
1991 2,477,681
1992 2,477,681
This note contained a deferral provision similar to the one
discussed, supra, for the note used to purchase the initial
equipment. Hambrose assigned the additional equipment wrap lease
to the partnership pursuant to its purchase of the additional
equipment.
The partnership's purchases of the initial equipment and the
additional equipment were subject to all liens created at each
stage of the transaction, including the liens of the original
third-party lenders, the wrap lease, and all user leases.
The Partnership
Investments in the partnership were offered through a POM.
The partnership offered 100 units of partnership interests at a
price of $40,000 each, payable in full in cash or in the amount
of $8,500 in cash and two $15,750 notes bearing 12-percent
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