- 400 -
Pursuant to the parties' agreements, the promissory
installment notes had payment terms as follows:
Due Date BWK Revocable Trust Everglades Trusts 1-5
1/15/84 $50,000 --
2/15/84 -- $100,000
1/15/86 50,000 --
7/11/93 190,000 557,000
Total 290,000 657,000
In addition, and on the same day, Holding Co. and the BWK
Family Trusts sold their shares of Cashmere common stock to WACO
for promissory installment notes in the amounts of $520,000 and
$30,000 respectively.
The promissory installment notes given to the trusts by WACO
were secured by the Cashmere stock, subject to Waco's option to
substitute as collateral the guaranties of the sole shareholder
of Waco and pledges of various partnership interests (known in
the aggregate as Cablevision). This option to substitute
collateral was subsequently exercised by Meyers, on behalf of
WACO's sole shareholder, The Bea Ritch Trusts.
Kanter did not present any evidence to establish that WACO
made any payments on the installment promissory notes, including
the balloon installment payments due on July 11, 1993. Kanter's
records reflect an inconsistent reporting of the installment sale
to Waco.
Kanter then negotiated the sale of the Cashmere stock held
by Waco to Equity Financial Management Co. (Equity Financial),
Page: Previous 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 NextLast modified: May 25, 2011