Investment Research Associates - Page 230




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               To a large extent, Lisle's career paralleled Ballard's.                
          Like Ballard, Lisle worked in various regional offices of                   
          Prudential and ultimately was promoted to a senior executive                
          position at Prudential's Newark corporate headquarters.  The                
          offices of Lisle and Ballard were next door to each other, and              
          Lisle's supervisor at Prudential was also Donald Knab.  To some             
          extent, Ballard and Lisle's duties overlapped.  At the time Lisle           
          left Prudential in 1982, he was a vice president of Prudential.             
               In April 1982, after leaving Prudential, Lisle began working           
          for The Travelers Insurance Co. (Travelers), doing virtually the            
          same kind of work he had done for Prudential.  He worked for                
          Travelers until April 1988.                                                 
               Donna M. Lisle, Lisle's wife, was not involved in any of the           
          activities giving rise to this litigation, and her estate is a              
          party to these proceedings solely by virtue of Mrs. Lisle's                 
          having filed joint Federal income tax returns with Lisle for the            
          years at issue.                                                             
          II. The Kanter Enterprise                                                   
          A.   Overview                                                               
               Kanter met Ballard and Lisle sometime between 1968 and 1970.           
          The three had numerous contacts and business dealings in                    
          succeeding years.                                                           
               Kanter entered into arrangements pursuant to which he would            
          use his business and professional contacts, including his                   






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