Investment Research Associates - Page 66

                                       - 150 -                                        








               Zeus distributed the $1,111,470 of funds as follows:                   











          c.   Payments From Schnitzer-PMS, Essex, and Schaffel 1979                  
          Through 1983                                                                
               From 1979 through 1983, Essex paid IRA a total of $164,587,            
          PMS paid IRA a total of $1,941,505 in principal and interest on             
          the repurchase of the PMS stock, and Schaffel paid $1,184,876 to            
          IRA representing 50 percent of the broker's fees he received from           
          Prudential transactions.28                                                  
          d.   Funds Accumulated in IRA at Close of 1983                              
               At the close of 1983, IRA had accumulated $4,771,445 from              
          payments made by the Five related to the Prudential transactions            
          as shown in the following diagram:                                          

          28                                                                          
               Schaffel also paid $312,750 to IRA in 1983 for fees related            
          to Traveler's transactions.                                                 

Page:  Previous  140  141  142  143  144  145  146  147  148  149  150  151  152  153  154  155  156  157  158  159  Next