- 401 -
which was owned and operated by Zell and Lurie. Zell and Lurie,
however, did not want, and would not accept, the notes receivable
held by Cashmere along with the partnership interests.
Therefore, the notes were paid off by checks drafted on
Administration Co. Inc.'s Special E Account, purportedly on
behalf of the Bea Ritch Trusts, on August 31, 1983, prior to the
sale of the Cashmere stock to Equity Financial. After the notes
were paid off, Cashmere had assets consisting of the partnership
interests and $498,500 in cash.
The checks written on August 31, 1983, by Administration Co.
in payment of the notes are as follows:
Ck No. Payee Amount
1315 Holding Co. $90,000
"For BRT"
1316 BWK Revocable Trust 34,230
"For BRT"
1317 Beach Trust 128,725
"For Trust (BRT)"
1318 Cashmere 94,800
"For HELO"
1319 Cashmere 38,000
"For GLS Assoc"
1320 Cashmere 25,045
"For ARO"
1321 Cashmere 66,000
"For Baroque Tr."
1322 Cashmere 21,700
Total 498,500
Each check was signed on behalf of Administration Co. by
Meyers. None of the checks written by Administration Co. in
payment of the notes was reflected on Administrative Co.'s
general ledger for the period ending June 30, 1984.
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