Quantum Investments, L.L.C. - Page 5




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               The purported trust document has an unnumbered cover page              
          entitled “Contract”, which states that petitioner is “An                    
          Irrevocable Pure Trust” and that Morgan, Kramer is the trustee.             
          The cover page further states that the “Contract” was executed              
          “under the laws of the Constitution for the United States of                
          America and the Constitution for the State of Delaware”.  Behind            
          the cover page, two pages (labeled pages 5 and 6) describe the              
          management of the trust, the replacement of the trustee, meetings           
          of a board, the alteration or amendment of the trust document,              
          and the termination of the trust.3  The purported trust document            
          provides in pertinent part:                                                 
                               REPLACEMENT OF TRUSTEE                                 
                    33.  The Trustee may be replaced in any of the                    
               following manners:                                                     
                         A.  Resignation.  The Trustee may resign with                
               or without cause at any time by sending a notice of his                
               intention to do so to the Trust principle office by                    
               Certified Mail.  However, such resignation shall not be                
               effective unless and until such time as a Successor                    
               Trustee has accepted the appointment to assume the                     
               duties and responsibilities of Trustee on the                          
               expiration date of the outgoing Trustee, or thirty days                
               after receipt of the resignation, whichever occurs                     
               first.                                                                 


               3  The purported trust document also includes three pages              
          (numbered 10, 11, and 12) dealing with the creation of the trust            
          and the appointment and acceptance of Morgan, Kramer as trustee.            
          We note that pages 1 through 4 and 7 through 9 are missing.  We             
          also note that the purported trust document appears to have                 
          inconsistent imprinting on each of its pages.  The cover page and           
          pages 5, 6, 10, and 11 have the imprint “Troy Enterprises”, while           
          page 12, which deals with Morgan, Kramer’s acceptance as trustee,           
          has the imprint “Troy Investments”.                                         





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