Investment Research Associates - Page 584




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          plus a $31.5 million loan), Cherry Creek National Bank (Travelers           
          provided $8.25 million plus a $19.95 million loan), the Stanford            
          Corporate Center (Travelers provided $43,612,622), and Boettcher            
          Building (a.k.a the Boston Building) (Travelers' contribution to            
          this project is not reflected in the record).  For other Walters            
          projects brokered by Schaffel, Travelers provided financing                 
          without becoming a partner in the underlying joint venture.                 
          These projects included Orchard Place VIII (Travelers provided a            
          $9 million loan), Orchard Place VII (Travelers provided a $8.5              
          million loan), and Cherry Creek Place III (Travelers provided a             
          $10.8 million loan).                                                        
               From 1984 through 1986, Schaffel paid a share of his fees on           
          Walters-Travelers transactions to Holding Co. in the following              
          amounts:                                                                    
                         Year            Amount                                       
                         1984           $600,000                                      
                         1985           1,160,000                                     
                         1986           1,003,500                                     
                         Total          2,763,500                                     
          3.   FPC Subventure Associates Partnership                                  
               On March 21, 1980, Kanter acquired an 8-percent limited                
          partnership interest in Four Ponds Center Associates (Four                  
          Ponds), a joint venture involving Schaffel and Torcivia.  On his            
          1980 Federal income tax return, Kanter reported his share of the            
          partnership's losses.                                                       







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