- 352 -
$500,841 and $549,841 to Holding Co., respectively. As of
December 31, 1989, Kanter owed $600,000 to IRA.
BRT contributed its interests in Ever Ritch Partners and
Broadway Properties to Northern Financial Corp. pursuant to a
section 351 transfer. Kanter acted as agent or nominee for BRT.
Respondent subpoenaed both Weisgal, as trustee of BRT, and
Kanter for the books and records of BRT. Other than tax returns
of BRT, neither Weisgal nor Kanter produced the documents
requested by the subpoenas.
In the early days of the law firm of Levenfeld and Kanter or
Levenfeld, Kanter, Baskes, and Lippitz (LK), Kanter began a
practice within LK that, to the extent there were "investment
opportunities", the partners of the law firm would be advised of
them and would be offered the opportunity to participate to the
extent of their then existent partnership interests in the law
firm. The partners could choose to participate on behalf of
themselves, their family members, extended family, and/or through
entities such as trusts, partnerships, or corporations for the
benefit of their family. Under this policy, if a partner did not
participate, his percentage was offered to the other partners.
In 1973, Charles F. Dolan (Dolan) was negotiating to
purchase franchises for cable television from Time, Inc. He had
met Kanter in the late 1960's. At the direction of Kanter, Roger
S. Baskes (Baskes) attended a meeting with Dolan and Time, Inc.
Page: Previous 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 NextLast modified: May 25, 2011