Investment Research Associates - Page 102




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         partners in the CMB Cinema Venture partnership.  As of the end of            
         1987, CMB Cinema Venture partnership was a shareholder of Int'l              
         Films.                                                                       
              The movie ventures in which the trusts invested proved                  
         unsuccessful and were not profitable.  Substantial losses from               
         the ventures were reported by Ballard on his income tax returns.             
         The Internal Revenue Service later disallowed the deductions that            
         Ballard claimed on his tax returns with respect to these movie               
         investments.  As a result, the Ballards were required to pay                 
         additional taxes.  In July 1985, Mrs. Ballard borrowed $160,000              
         from TMT to pay this income tax liability.                                   
              Kanter entities made the following loans to Ballard, his                
         family members, and entities established for the benefit of his              
         family members:                                                              
























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