Steven K. Han - Page 89





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               Similarly, with respect to the Pan Am stock, because we have           
          concluded that petitioner by mid-1988 had exercised personal                
          dominion and control over the assets diverted from his                      
          corporations (and was not holding them as a mere agent of his               
          corporations), petitioner exercised dominion and control over the           
          Pan Am stock.  However, the evidence adduced by respondent shows            
          that, unlike the Kodak stock, neither the Pan Am stock nor its              
          proceeds were returned to petitioner’s corporations before                  
          yearend 1988.  The Pan Am stock remained in the FCIS account from           
          its purchase on January 22, 1988, until April 11, 1988, when                
          petitioner transferred it to another personal account, P-B No. 2.           
          P-B No. 2 already contained substantial assets, including the               
          proceeds from the Gerber stock, with a net value of $273,855 on             
          March 31, 1988, just prior to its receipt of the Pan Am stock.              
          (The Gerber stock had been liquidated on December 24, 1987, for             
          $335,563, and the contents of the account containing the Gerber             
          stock proceeds, then totaling $321,351, had been transferred to             
          P-B No. 2 on March 9, 1988.)  On May 26, 1988, petitioner                   
          transferred $271,836 in cash from P-B No. 2 to ANB No. 2, a                 
          custodial account that Belofsky had set up in connection with his           
          proposal to secure petitioner’s release from any personal                   
          liability to Northwest.  Belofsky represented to Northwest that             
          ANB No. 2 was being funded with the “‘Gerber’ account” proceeds.            






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