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On December 31, 1980, a purported purchase agreement between
Horizon and Funding International was executed wherein the Alfred
Teves computer equipment was sold by Funding International to
Horizon. The sale/purchase agreement between Funding
International and Horizon included the Alfred Teves transaction
equipment, along with certain other equipment located in Belgium.
The price for this sale was $4,276,701, payable by a cashier's
check for $20,000 and $4,256,701 by a full-recourse installment
promissory note in favor of the seller, Funding International.
IRA and Horizon signed a purported purchase agreement dated
December 31, 1980, in which Horizon sold the property to IRA for
$4,281,701, payable by a certified check for $25,000 and a
limited recourse promissory note issued by IRA in favor of
Horizon in the amount of $4,256,701. The amount owed to Funding
International from Horizon was equal to the amount of the
payments to Horizon from IRA under the purported purchase and
sale agreement. The limited recourse promissory note provided
that IRA could defer payment of principal and interest as it
became due if, and to the extent, any amount of rent or any other
sum due to IRA under the lease between Funding International and
Funding GmBH was not received timely by the payor. The sum could
be deferred until December 31, 1995. The deferred sum did not
accrue interest.
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