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Marcia Hoffman 173,063 7.61% 1/01/2012
Al Hoffman, Jr. 189,053 7.61% 1/01/2012
Melissa Hoffman 62,333 7.61% 1/01/2012
Matthew Hoffman 62,334 7.61% 1/01/2012
Elisabeth Hoffman 62,333 7.61% 1/01/2012
Total 899,263
The notes were unsecured, interest was to accrue, and no interest
or principal payments were required until January 1, 2012.8
However, at least with respect to the promissory notes payable to
decedent and Hoffman Associates, Clubside could prepay in full or
in part, without penalty, with any such prepayment first applied
to accrued interest and the balance applied to principal.
Additionally, approximately $20,000 a year in taxes and
maintenance on the Cathead property was paid by Mr. Hoffman.
Clubside’s obligations to Mr. Hoffman were increased by these
amounts. In a financial statement dated June 3, 1994, Mr.
Hoffman’s accountant estimated the value of Mr. Hoffman’s 27.5-
percent interest in Clubside at $491,966 as of December 31, 1993.
At the time of her death, decedent owned all 7,500 shares of
stock in Hoffman Associates, an S corporation. The principal
asset owned by Hoffman Associates was the Clubside promissory
note with a value at the date of maturity of $278,147, plus
accrued interest at a rate of 7.61 percent over 20 years.
At the time of her death, decedent owned 560 shares of
8The promissory notes payable to decedent and Hoffman
Associates were created on Jan. 1, 1992. It appears from the
evidence in the record that the remaining promissory notes were
also created on Jan. 1, 1992.
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Last modified: May 25, 2011