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respect to the $271,836 transferred in an effort to consummate
his lawyer’s proposal are significant.
In transferring the $271,836 to ANB No. 2, petitioner was
attempting to secure release from any personal liability to
Northwest for the more than $8 million he had acknowledged his
corporations owed the airline company. Under the Guaranty,
petitioner (without benefit of counsel) had guaranteed all past
and future monetary obligations of his corporations that arose
out of ticket sales. In the Interim Agreement, entered into with
the benefit of counsel, petitioner (i) confined his personal
guaranty to debts arising from the receipt and sale of tickets
received from Northwest in 1988 (but not before); and (ii)
acknowledged on behalf of his corporations that with respect to
pre-1988 ticket sales, his corporations had retained sales
proceeds due and owing to Northwest in an amount exceeding $8
million. Had petitioner been successful in securing his release
from all personal liability under the foregoing agreements, the
result would have been to saddle his corporations with the sole
liability for debts exceeding $8 million. The consideration
petitioner proposed to use to secure his release consisted of
$271,836 from a personal account into which corporate funds had
been diverted. Obviously, this attempt would have “primarily
benefitted” petitioner, see Loftin & Woodard, Inc. v. United
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