- 11 -
Address: 11022 Southwest Hwy., Palos Hills, IL 60465
The purported trust instrument does not list the name of any
“trustee” for Adorno Business nor make any reference to a
“trustee”. Further, none of the provisions of the purported
trust instrument grant the director the power to litigate on
behalf of Adorno Business.
The first minutes10 provide, in part, as follows:
At this, the FIRST MEETING of the BOARD OF DIRECTORS of
The Adorno Business Company * * *. All Directors being
present, by unanimous accord the following was affirmed
and ratified, viz:
1. That, pursuant to the request and declaration of
The Adorno Asset Management Company, on this date,
a Contract Creating This Entity creating The
Adorno Asset Management Company (A Common Law
Business Organization) was duly executed,
acknowledging Edwin R. Adorno, its Director, and
the above named person by their signature
evidenced the acceptance of the duties,
obligations and faithful performance of said
Company.
* * * * * * *
3. * * * However, in order to acquire a proper
[employer identification] number, the Director
hereby changes the name of The Adorno Business
Company, by substituting the word “Trust” for the
9(...continued)
Q: You don’t know who Edward Bartoli is?
A: I stand by my stipulations, Your Honor.
10 The first minutes here appear to be reproduced from the
first minutes of The Adorno Asset Management Trust (Adorno
Asset), which would explain the erroneous references to Adorno
Asset rather than Adorno Business. Cf. The Adorno Asset Mgmt.
Trust v. Commissioner, T.C. Memo. 2003-127. See infra note 12.
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Last modified: May 25, 2011