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D. The Schnitzer Arrangement: Sale and Repurchase of
Property Management Systems Stock. ........ 79
E. The Eulich Arrangement: Essex Hotel Management
Co. ....................... 88
1. Eulich's Background ............. 88
2. Prudential's Gateway Hotel .......... 90
F. Diagram: Summary of Payments From the Five 1977
Through 1989 ................... 102
G. Changes in IRA and Subsidiaries Corporate
Structure From 1974 Through 1988 ......... 103
H. Changes in Holding Co. & Subsidiaries Corporate
Structure 12/76 Through 8/87 ........... 125
I. Holding Co. & Subsidiaries Returns ........ 131
J. HELO 1979 Through 1983 .............. 140
IV. Flow of Money ..................... 141
A. Payments to IRA and Subsidiaries: The Prudential
Transactions ................... 141
1. Overview ................... 141
2. Flow of the Funds 1977 Through 1983 ...... 142
a. Flow of Money From KWJ Corp. to IRA:
1978 Through 1983 ............ 143
b. Flow of Money From Zeus: 1979 Through
1983 .................. 146
c. Payments From Schnitzer-PMS, Essex, and
Schaffel 1979 Through 1983 ....... 150
d. Funds Accumulated in IRA at Close of
1983 .................. 150
3. 1984 Distributions to Carlco, TMT, and BWK,
Inc. ..................... 152
a. 1984 Distributions of Cash From IRA to
Carlco, TMT, and BWK, Inc. ...... 152
b. 1984 Distribution of Essex Partnership
Interest to Carlco, TMT, and BWK, Inc. . 153
c. Transfer of Sherwood Partnership
Interest From IRA to Carlco, TMT, and
BWK, Inc. ................ 155
d. 1984 Distributions to Carlco, TMT, and
BWK, Inc. as Reflected on the Books of
the Corporations ............ 157
4. Flow of Payments by the Five 1985 Through
1989 ..................... 158
a. Zeus 1984 Through 1988 ......... 158
b. Distributions of Schnitzer-PMS and Essex
Payments Made During 1985 Through 1989 . 160
c. Loans From IRA to KWJ Partnership
Through 1989 .............. 163
d. Balance Sheets of Carlco, TMT, and BWK,
Inc. 1983 Through 1989 ......... 163
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Last modified: May 25, 2011