Investment Research Associates - Page 29

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          1984-87                                                                     
















               IRA distributed cash accumulated from Prudential                       
          transactions, including cash received from Zeus and the                     
          liquidation of KWJ Corp. and its interests in the Essex and                 
          Sherwood partnerships, in the ratio of 45 percent each to Carlco            
          and TMT and 10 percent to BWK, Inc.  Carlco, TMT, and BWK, Inc.,            
          contributed the Hyatt contract rights to a new partnership called           
          KWJ Co.                                                                     
               IRA's consolidated returns for 1984 to 1987 reported the               
          following consolidated net losses, net income or loss for Cedilla           
          Investment Co. and Zeus, and income for IRA, and reflect the                
          following end-of-year balance sheets with respect to IRA                    
          (unconsolidated):                                                           

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