- 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...)Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011