- 76 -
In a letter dated August 28, 1984, to Schaffel, Kanter
stated:
I am bothered by your failure to respect what I would
have considered the essential intent of the agreement
you entered into vis-a-vis the introduction of you to
Prudential and the arrangement under which you would
share the benefits of that introduction in connection
with real estate transactions from which you were able
to earn commissions, as well as the other construction
contracts won by Ben [Torcivia].
I appreciate that there may be some technical
difficulty with the previous agreements as to whether
they extend in the new circumstances to Travelers.
However, in my view Travelers has replaced Prudential
as a principal source of transactions because of the
very personnel to whom you were first introduced.
Accordingly, I am inclined to believe that the
arrangement should have been continued.
Lisle and Schaffel discussed the dispute between Schaffel
and Kanter. Lisle feared a lawsuit might result, and because
such a lawsuit might cause some embarrassment for Lisle at
Travelers, he urged Schaffel to settle the dispute.
Schaffel agreed to resume paying 50 percent of his fees on
business deals with Travelers. Those fees, however, were paid to
Holding Co. rather than IRA.
For some of the Walters projects brokered by Schaffel,
Travelers entered into joint venture agreements with Walters'
company pursuant to which Walters' company contributed the
property and Travelers provided the financing. Travelers entered
into joint ventures with Walters' company for the permanent
financing of Stanford Place II (Travelers provided $15 million
Page: Previous 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 NextLast modified: May 25, 2011