- 8 -
be repaid immediately “as soon as the lease back funds has been
released to the corporation” was unanimously approved;8 and
(5) Quotum planned to acquire the Russian airplanes through
a Swedish company called Truemax. By contract with Truemax dated
January 21, 1992, Quotum agreed to acquire “four units IL76
aircraft FOB Western Hemisphere Airport” and to deposit $360,000
“in blocked funds to [an] account on Nordbanken as guarantee and
handling fee.” James signed the contract as Quotum’s president.
Although James received repeated assurances that delivery of
the airplanes was imminent, the airplanes were not delivered as
promised in January 1992. In early February 1992, James was
advised that cash had to be delivered to the seller in Russia.
In order to facilitate delivery, James agreed to permit the
withdrawal of $280,000 from the Nordbanken account so that the
funds could be carried into Russia.
In addition to the above, James was advised and understood
that Quotum had deposited $250,000 toward the cost of insurance
with respect to the airplanes. The insurance was to be placed
8 The planned business activity seemed to change on a
regular basis. One of the proposals was to acquire Russian
airplanes, immediately sell them at a substantial profit, and
lease them back for use in an air freight and mail service
business. Other business activities mentioned were the purchase
and sale of diamonds, gold, and a limited amount of sable, the
purchase of materials from military stores using an existing
offshore company named “Cougar”, and the transport of relief
goods and food. The record suggests that more than one company
was involved.
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