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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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