Investment Research Associates - Page 96




                                       - 178 -                                        
              Ficom was a sole proprietorship formed by Ballard's daughter            
         Melinda Ballard in 1983.  In 1986, $4,000 from TMT was                       
         transferred to Ficom.  In 1988, TMT transferred another $15,000              
         to Ficom.  When the transfer was made, a bookkeeping notation was            
         also made to write off the investment in 1989.   The investment              
         in Ficom was subsequently written off as worthless in 1989.                  
         d.   Lisle: Disposition of Funds out of Carlco                               
              During the years 1982 through 1989, the following                       
         individuals were listed as the "officers" and "directors" of                 
         Carlco:                                                                      
         Title                  1982            1983            1984                  
         Directors           Kanter         Freeman         (deleted)                 
                             Carl Kanter    Meyers                                    
         President           Carl Kanter    Meyers          Henry Lisle               
         Vice president      Kanter                         Donna Lisle               
         Secretary           Meyers         Gallenberger    D. Dubanevich             
         Treasurer           Meyers         Meyers          Meyers                    
         Title                  1985            1986            1987                  
         Directors           None           None            None                      
         President           Henry Lisle    Henry Lisle     Henry Lisle               
         Vice president      Donna Lisle    Donna Lisle     Donna Lisle               
         Secretary           Dubanevich     Dubanevich      Dubanevich                
         Treasurer                          Gallenberger    Gallenberger              
         Assistants          Meyers         Lisle           Lisle                     
         Title                  1988            1989                                  
         Directors           None           None                                      
         President           Henry Lisle    Robert Lisle                              
         Vice president      Donna Lisle    Thomas Lisle                              
         Secretary           Dubanevich     Donna Lisle                               
         Treasurer           Gallenberger   Gallenberger                              
              During the years 1984 through 1989, moneys from Carlco were             
         deposited in a brokerage account maintained at Goldman Sachs                 
         (Carlco Goldman Sachs account).  The mailing address of the                  





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