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Under the remarketing agreement, Funding International
agreed to act as agent for Cedilla Invest. in remarketing the
equipment, after the expiration of the original underlying
leases.
As of January 1986, the equipment was not listed in the
computer price guide, "The Blue Book of Used IBM Computer
Prices". Its residual value was zero.
Kanter received information regarding the Funding
International/Cedilla Invest. transaction in December of 1979, in
a letter from the attorneys for Funding International. The
information included with the letter consisted of title documents
to the property, none of which documents was produced or provided
for incorporation in the record in this litigation.
On January 17, 1980, a letter was sent from Attorney Alan
Axelrod regarding the delivery of promissory notes of Cedilla
Invest. for itself and its nominee, Kanter.
With respect to the British Aerospace transaction, the total
cash investment of Cedilla Invest., including the downpayment and
all interest to be paid on its notes was to be $11,982,686; the
rent to be received from Funding International was a total of
$11,483,360.38. There was a net loss of $499,325.62 on the
transaction.
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