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A He give it to me and I pay it, I think. And then
maybe I pay $100,000 from Mr. Hayden, Coghan. That’s
the right name. And then $100,000 from Rick. And we
kept that $200,000 to pay the City and the architect.
* * *
* * * * * * *
A * * * Mr. Hayden and Rick Trudell and me, I
believe that will make some arrangement, I build that
money, the $422,000 from my own bank account. The
deposit that we pay out of escrow I believe, it be
between Rick Trudell $100,000, he give $200,000. We
kept another $100,000, and another $200,000 get from
Mr. Coghan Hayden, who live in Half Moon Bay. And then
we complete the deal.
In order to get the bank after that to look, and
construction loan, and that was our agreement at that
time.
Mr. Assaad later testified to an oral agreement with Mr. Trudell
and Mr. Coghan with respect to these amounts. He testified that
he planned to “give everyone his money plus 100 percent” when the
properties were sold. He also testified that Mr. Trudell was
“Not exactly” a partner with him with respect to the Atherton
project, because there was no written agreement or contract.
Given Mr. Assaad’s testimony, there is evidence that Mr. Trudell
and Mr. Coghan contributed at least $400,000 to the Atherton
project.
Petitioners contend that those contributions were loans.
However, Mr. Assaad testified that Mr. Coghan did not receive any
of his money back, and Mr. Trudell received only $100,000, but
“he said that he doesn’t want anymore.” To the extent the
amounts from Mr. Trudell and Mr. Coghan were loans and were
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