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in the Plastics Recycling program.4 William A. Boylan (Boylan)
and John D. Evans (Evans) were formerly partners at Windells,
Marx, Davis & Ives, the law firm that had provided the legal
opinion for Sentinel EPE recycler partnerships such as
Clearwater, before leaving in 1982 and forming their own law
firm.
Also included in the offering memorandum were the reports of
two “evaluators”, Samuel Z. Burstein (Burstein) and Stanley
Ulanoff (Ulanoff). Burstein was a professor of mathematics at
New York University. Burstein’s report concluded that the
Sentinel EPS recyclers were capable of continuous recycling. The
report also concluded that the recycling system would yield a
material having commercial value.
At the time Ulanoff prepared his report, he was a professor
of marketing at Baruch College and also the author of numerous
books on technical and marketing subjects. Ulanoff’s report
concluded that the price paid by F&G for the Sentinel EPS
recyclers, the rent paid by Whitman, and the joint venture
profits were fair and reasonable.
Burstein owned a 5.82-percent interest in another Plastics
Recycling partnership that leased Sentinel EPS recyclers.
Ulanoff owned interests in other Plastics Recycling partnerships
4 The tax opinion prepared by Boylan & Evans was part of
the private offering memoranda of approximately 92 other Sentinel
EPS recycler partnerships.
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