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through an insurance broker, M. B. Quin-Harkin of Houlder
Insurance Services (Aviation) Limited.
By the end of February 1992, the airplanes still had not
been delivered to Quotum. In a letter dated February 28, 1992,
James’ secretary wrote to Ian Yemm requesting, among other
things, “a complete accounting to date of * * * [James’] original
$650,000 investment.” By telefax dated March 4, 1992, Yemm
provided the following accounting:
Deposited $650,000.00
Less:
Bank charges 69.71
Houlder insurance 250,000.00
Truemax Sweden 72,000.00
Michael E. Donnelly
airplane deposit 281,000.00
Balance $ 46,930.29
James continued to send and receive various correspondence
regarding the status of the venture throughout March and April
1992. By letter dated April 1, 1992, on Quotum stationery, James
replied to a communication from Michael Donnelly as follows:
Surprised, but glad, to hear from you. $100,000
is a lot of money to waste. $700,000 is a fortune.
The $700,000 from me was for a three day guaranteed
purchase of existing planes per your representation and
a 25% ownership in the company purchasing the planes.
Legally, this money was not to fund your personal
schemes. * * * None of my money was ever to be at
risk and for a two year period every, repeat, every
transaction was to be approved by me. Can I go to the
bank and get my funds?
I want the written proof from Lloyds that the
$250,000 deposit is refundable. I also want a
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