- 75 -
Year Amount
1979 $100,000
1980 244,920
1981 361,525
1982 447,450
1983 30,981
Total 1,184,876
After Ballard and Lisle left Prudential, Schaffel no longer
negotiated any transactions with Prudential.
2. Schaffel/Travelers Transactions
Lisle left Prudential in late 1981. He was employed by
Travelers from April 1982 until April 1988. After Lisle began
working for Travelers, Schaffel met with Lisle and others from
Travelers. Thereafter, Schaffel began brokering substantial
business dealings with Travelers on behalf of Torcon and Walters.
The first project Walters entered into with Travelers was
Stanford Place II. By check dated November 9, 1983, Schaffel
paid IRA $213,750 of the fee earned from Stanford Place II.
After that payment, Schaffel stopped paying IRA a share of the
fees earned on business deals with Travelers. Sometime during
1984, Kanter contacted Schaffel and asked why IRA was not
receiving 50 percent of Schaffel's fees on Travelers
transactions. Schaffel took the position that the August 2,
1979, agreement did not apply to deals with Travelers after Lisle
had left Prudential. Kanter disagreed and maintained that the
August 2, 1979, agreement continued to apply.
Page: Previous 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 NextLast modified: May 25, 2011