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of those contracts. Its primary business activities are credit
investigation, credit evaluation, documentation, and the
monitoring of collections on installment contracts. Its business
is conducted out of space that it rents in Bingham Farms,
Michigan, pursuant to a 5-year lease that began on October 22,
1992. Under the lease, ACC pays monthly rent of $3,137.50 during
the first 24 months and $3,250 afterwards.
ACC’s shareholders and their respective ownership interests
are as follows:
1993 1994
James and Mary Jo Blasius 77% 86%
Edward and Virginia Blasius 13 14
Donald Terns 5 0
David Lychuk 5 0
None of the shareholders, except James Blasius, works in ACC’s
daily business. The other male shareholders serve as the
directors of ACC’s board.
ACC’s key management personnel includes its president, James
Blasius, its vice president and chief financial officer, Steven
Balan, its credit manager, Cass Budzynowski, and its credit
investigator, Hope McGee. During the relevant years, each of
these individuals performed services in connection with ACC’s
acquisition of installment contracts. James Blasius managed
ACC’s overall operation and handled personally all contracts with
dealers. Steven Balan supervised and oversaw ACC’s day-to-day
management and its financial and general office management. Cass
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