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IRA also executed in favor of Horizon a promissory note
dated December 31, 1980, in the amount of $120,000, and another
promissory note dated December 31, 1980, in favor of Horizon in
the amount of $111,900.57
Pursuant to the transaction for the sale and leaseback of
the computer equipment, Funding International executed a
collateral assignment of leases to IRA.
F. Cedilla Invest. "Lexet Transactions"
On December 22, 1986, Cedilla Invest. purportedly purchased
certain IBM-manufactured computer equipment from Lexet Leasing
Corp. (Lexet) for a stated purchase price of $1,260,016. This
equipment had been previously or simultaneously acquired by Lexet
from Beta Gamma Leasing Corp., which entity had previously or
simultaneously acquired the equipment from O.P.M. The equipment
was subject to an end user lease with General Motors Corp.,
Cadillac Division, Detroit, Michigan.
The stated purchase price of $1,260,016 was, according to
the terms of the purchase agreement, payable as follows: $6,300
in cash on the date of the agreement; a short-term promissory
note payable on May 15, 1987, in the amount of $69,300; and a
long-term "limited recourse" promissory note in the amount of
$1,184,416. Under the terms of the "limited recourse promissory
note", Cedilla Invest. was only personally liable during the
57
The record contains no explanation for these notes.
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