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concurrence that said Company will pay to me one (1%)
percent based on the gross amount of the contract price
of any such construction job. It is our understanding
that you will receive payment ordinarily over a period
of time depending on draws under the construction job.
Accordingly, you will expect to receive payment only as
I am paid.
It is further understood that the foregoing
pertains only to negotiated contract situations and
should any bid situation arise, the amount of your
participation will be negotiable.
Schaffel also entered into a finder's fee arrangement with
William Walters (Walters), a real estate developer in Denver,
Colorado, similar to the one with Torcivia, and agreed to share
those fees with IRA.
1. Schaffel/Prudential Transactions
As a result of his introduction to Lisle and Ballard,
Schaffel began doing millions of dollars' worth of business with
Prudential. These business dealings included construction
contracts that he helped obtain for Torcon and financing for a
number of large commercial real properties being developed by
Walters, as well as transactions involving others.
The first transaction Schaffel negotiated with Prudential
was the sale of the IBM headquarters building in Lexington,
Kentucky. The property was brought to Schaffel's attention by
Transatlantic Consultants (Transatlantic), the company brokering
the sale. Schaffel introduced the Transatlantic representative
to Ballard. After the initial meeting with Ballard,
Transatlantic dealt with Prudential's local office in Kentucky.
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