Investment Research Associates - Page 94




                                       - 176 -                                        
              Seabright                Seabright                                      
              Year         Trust     Increase       Corp.     Increase                
         Trans. from                                                                  
         Special E      $12,255       --         $31,440        –-                    
              1984         53,055    $40,800        31,440        –-                  
              1985         79,155     26,100        31,520        $80                 
              1986        100,155     21,000        36,520      5,000                 
              1987        100,155       --          41,520      5,000                 
              1988        135,155     35,000        41,520        --                  
              1989        135,155       --          41,520        –-                  
              Total                122,900                   10,080                   
              There were no notes in connection with the "loans" to the               
         Seabright Trust or the Seabright Corp.  There is no evidence that            
         either the Seabright Trust or Seabright Corporation paid interest            
         on the "loans" from TMT.  The loans were never repaid.                       
              From 1984 through 1989, Claude Ballard and Mary Ballard                 
         received a total of $303,943 from TMT as "loans".  The balances              
         due on these loans at the end of each year were as follows:                  
                   Year      Claude Ballard      Mary Ballard                         
                   1984         $10,599               –                               
                   1985          10,599            $160,000                           
                   1986          16,599             160,000                           
                   1987          36,943             160,000                           
                   1988         136,943             160,000                           
                   1989         146,943             160,000                           
              With respect to the $160,000 "loan" to Mary Ballard, during             
         1985, a document dated December 26, 1986, purported to provide               
         for the repayment of this "loan" with Macy's stock held privately            
         by Ballard.  The records of TMT do not indicate that the $160,000            
         "loan" was repaid.  The records of TMT do not indicate that the              
         Macy's stock was given to TMT in accordance with the December 26,            
         1986, document.                                                              






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