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The Court finds substantial portions of Jay Hoyt’s testimony
evasive and less than forthright. His claims regarding the
contemporaneous nature and reliability of the bills of sale and
herd recap sheets are directly contradicted by substantial other
convincing evidence in the record. The Court considers highly
suspect the herd recap sheets and other documents the Hoyt
organization prepared during the period from 1987 through 1992.
Indeed, as the Court indicated supra, by the early 1980's the
Hoyt organization’s cattle management and record-keeping
practices had changed dramatically. As a result, many of the
documents, records, and tax returns the Hoyt organization
subsequently prepared regarding transactions between itself and
the many cattle-breeding partnerships (which it had formed,
promoted to numerous investors, and managed) were inaccurate and
unreliable.
Contrary to petitioners’ and Jay Hoyt’s contentions, the
Court does not believe that the 1987 through 1992 annual herd
recap sheets in evidence are contemporaneous documents. Among
other things, if the 1988, 1989, and 1990 herd recap sheets had
existed and been available during the fall 1989 through early
1991 period, the Hoyt organization worker preparing Management’s
financial statements for its fiscal years ended September 30,
1989 and 1990, would then have consulted those herd recap sheets
to find out each cattle-breeding partnership’s “breeding herd
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