River City Ranches #4 - Page 99

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          and Mr. Hoyt each testified that, during their negotiations,                
          specified groups of breeding sheep were identified and possible             
          purchase prices for them were discussed.  Ultimately, Mr. Barnes            
          provided pertinent information to a Hoyt organization employee on           
          the specific breeding sheep that each partnership was supposedly            
          to purchase, as this employee prepared the bill of sale, along              
          with the Schedule A attached thereto, that Mr. Barnes then signed           
          and issued to a partnership.                                                
               The Court finds substantial portions of Mr. Hoyt's and Mr.             
          Barnes' trial testimony highly questionable and not credible.               
          Indeed, much of their testimony was evasive and less than                   
          forthright.  Initially, Mr. Hoyt specifically testified that when           
          a partnership consummated its transaction, he and Mr. Barnes                
          reviewed the Schedule A attached to the bill of sale.  He further           
          claimed that, to the best of his knowledge, the Schedule A                  
          (listing and identifying the specific breeding sheep that each              
          particular partnership purportedly purchased from Barnes Ranches)           
          was accurate.16  As the Court determined in its findings of fact,           

               16 Mr. Hoyt testified, on cross-examination, as follows:               
                    Q.  Okay.  Mr. Hoyt, the bills of sale that we've                 
               talked about for #4 and #6--and I'd be happy to show you               
               one--they're signed by David Barnes, is that correct, as the           
                    A.  That's my memory, yes.                                        
                    Q.  The attachments [i.e., Schedule A's] to the bills             
               of sale, who prepared those?                                           

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