- 12 -
following demand. Interest accrued at a 7-percent annual rate
and was due on December 21, 1996, and on the same day of each
year thereafter. The proceeds of the loan were distributed in
the form of a check (#16973) from HS to Dart drawn on HS’ account
with Minneapolis.
Mr. Oren signed all the above notes either in his individual
capacity or as president of Dart or HL. The only exception was
the note from HS to Mr. Oren which was signed by John Seibel,
president of HS.
Mr. Oren’s financial statements for 1993 and 1995 do not
reflect Mr. Oren’s loan obligations to Dart or the loan
obligations from HL and HS to Mr. Oren. The 1993 and 1994
combined balance sheets for the Dart companies do not reflect the
loan obligations between Dart and Mr. Oren, Mr. Oren and HL, and
HL and Dart.5 The 1995 combined balance sheet for the Dart
5The combined schedule of balance sheet information for 1993
provides the following relevant information (in thousands):
Dart Fleetline HS HL Eliminations Total
ASSETS
Notes receivable-
affiliate $5,901 --- -–- $4,000 ($9,598)$303
LIABILITES
Notes payable-
affiliate 4,000 $1,598 --- 4,000 (9,598) ---
The total of $303,000 was listed on the combined balance sheet of
the Dart companies as an asset. The combined schedule of balance
sheet information for 1994 provides the following relevant
information (in thousands):
Dart Fleetline HS HL Eliminations Total
ASSETS
Notes receivable-
(continued...)
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