Investment Research Associates - Page 445




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          G.   Cedilla Invest. "Ben Energy Transactions"                               
               On December 22, 1986, Cedilla Invest. purportedly purchased             
          certain IBM-manufactured computer equipment and peripherals from             
          Ben Energy Systems, Inc. (Ben Energy), for a stated purchase                 
          price of $1,325,068.  This equipment had been previously or                  
          simultaneously acquired by Ben Energy from Horizon Leasing Corp.,            
          which entity had previously acquired the equipment from New                  
          England Rare Coin Galleries, Inc. (in 1980), and previously or               
          simultaneously from Funding Systems International Corp.  The                 
          equipment/peripherals were all transferred subject to several end            
          user leases with various entities located in England.                        
               The stated purchase price of $1,325,068 was, according to               
          the terms of the purchase agreement, payable as follows:  $6,600             
          cash at the time of the execution of the agreement; a short-term             
          promissory note payable on May 15, 1987, in the amount of                    
          $72,600; and a long-term, "limited recourse" promissory note in              
          the amount of $1,245,868.                                                    
               Under the terms of the "limited recourse promissory note",              
          Cedilla Invest. was only personally liable during the times and              
          to the extent of the amounts referenced in schedule B annexed                
          thereto.  Schedule B specifically provided that the payor's                  
          (Cedilla Invest.'s) "maximum aggregate amount" of personal                   
          liability was zero.  Further, and also under the terms of the                
          long-term note, Cedilla Invest.'s only obligation with respect to            






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