- 483 -
Pluto, a New York corporation affiliated with Mallin,
executed a purchase agreement dated December 30, 1979, by and
between Pluto and Funding International pursuant to which Funding
International delivered a bill of sale dated December 30, 1979,
in favor of Pluto.
Under the purchase agreement, Pluto, the purchaser, obtained
Funding's interest in and to all of the equipment, which was
subject to prior leases made between Carena and others such as
Delco Leasing, Ltd., Woolworth Leasing, Ltd., Willowbrook
International, Ltd., various leasing companies, or Atlantic
Computer Leasing, Ltd. Pursuant to this purchase, the purported
price between the parties was $6,108,051, payable by delivery of
a certified check in the amount of $180,000 and a recourse
installment promissory note in the sum of $5,928,051. IRA
claimed the equipment was worth $5,108,573 on its income tax
returns. The computer equipment involved was located in England
and consisted of the British Aerospace, Unichem, and Cheshire
properties described above. The agreement was subject to the
existing underlying leases and the residual agreements made with
the end users.
With respect to this transaction, Pluto, as the purchaser,
issued a check to Funding International in the amount of
$185,000. There is no indication this check was negotiated.
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