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Attached is the check from the Hyatt Corporation in the
amount of $245,843.00, which represents K.W.J.'s
commission for the year ending December 31, 1982.
Will you please deposit and issue appropriate checks to
the participants.
This represents approximately the same amount as last
year, per the attached balance sheet.
By August 1983, Weaver advised IRA that he wanted to modify
his arrangement with KWJ Corp. The new arrangement provided that
Weaver could retire from any and all activities with respect to
KWJ at any time after December 31, 1983. Weaver would continue
to receive 30 percent of any amount received by KWJ Corp. from
Hyatt Corp. with respect to the management contract of the
Embarcadero Hotel. Weaver's 30-percent interest would pass to
his estate or such other specific persons as he might designate
in writing.
In December 1983, KWJ Corp. was liquidated, and its assets
were distributed to IRA. On January 2, 1984, IRA's new
subsidiaries BWK, Inc. (managed by Kanter), Carlco (managed by
Lisle), and TMT (managed by Ballard) formed a partnership called
KWJ Co. (KWJ Co. partnership). Carlco and TMT each had a 45-
percent interest in the KWJ Co. partnership, and BWK had a 10-
percent interest in the partnership. Hyatt Corp. was not
informed about the liquidation of KWJ Corp. or the formation of
the KWJ Co. partnership at the time of the liquidation and
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