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each) to Cabana Boy for their shares of Cabana Boy stock and to
work full time for Cabana Boy. Cabana Boy issued shares as
follows: 100 to petitioners on March 29, 1986, 49 to Tyler on
June 25, 1986, 24.5 to petitioners on July 10, 1986, and 24.5 to
Tyler on July 10, 1986.
An unsigned promissory note (sample note) is attached to the
Cabana Boy shareholders' agreement. The note has the word
"sample" written on the front and on the Cabana Boy signature
block. The sample note said that $100,000 was payable by Cabana
Boy to petitioners on demand.
4. Operation of Cabana Boy
Cabana Boy operated primarily from petitioners’ residence,
but also had offices in New York, California, and at Shepperton
Studios in London. Beginning in 1986, Mrs. Rosenberg worked full
time for Cabana Boy. Mrs. Rosenberg, Tyler, and Kinart (until
July 1986) managed Cabana Boy. Mrs. Rosenberg hoped to produce
more movies after they completed the Neuromancer movie.
In 1986, Cabana Boy had a separate checking account. Dr.
Rosenberg began to transfer money to the Cabana Boy checking
account in 1986. Dr. Rosenberg did not sign any loan agreements
between himself and Cabana Boy. Petitioners did not ask for or
receive interest on any of the money they advanced to Cabana Boy.
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Last modified: May 25, 2011