- 6 -
nonrecourse portion, was paid. No negotiations for the price of
the recyclers took place between, or among, PI, ECI and F&G.
At the closing of the Whitman partnership, PI, ECI, F&G,
Whitman, and RRI entered into arrangements whereby PI would pay a
monthly joint venture fee to Whitman, in the same amount that
Whitman would pay as monthly rent to F&G, in the same amount that
F&G would pay monthly on its note to ECI, in the same amount that
ECI would pay monthly on its note to PI. Further, in connection
with the closing of the Whitman partnership, PI, ECI, F&G,
Whitman, and RRI entered into offset agreements providing that
the foregoing payments were bookkeeping entries only and were
never in fact paid. Also in connection with the closing of the
Whitman partnership, PI, ECI, F&G, Whitman, and RRI also entered
into cross-indemnification agreements.
B. Individuals Involved
Richard Roberts (Roberts) was a businessman and the general
partner in a number of limited partnerships that leased Sentinel
EPE recyclers. Roberts was also a 9-percent shareholder in F&G,
the corporation that leased the recyclers to Whitman in the
Whitman transactions.
Raymond Grant (Grant) was an investment banker, attorney,
and accountant. Grant was also the president and sole owner of
ECI, the corporation that sold the recyclers to F&G in the
Whitman transactions.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011