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Petitioner claims that this recommendation was followed and that
the property he put up as collateral was the Partin property.
Petitioner also testified that he used some of the proceeds from
the Margolis “loan” to make his mortgage payment, and he also
described the various ledger entries:
Q Okay. And did you use some of the proceeds of the
$140,000 loan, after you had conveyed the property to
Mr. Margolis, to make a payment on that very property,
on the mortgage already existing on that very property?
A Yes, sir.
Q And is that reflected in 70042 ledger card of 93-
R?
A Yes, sir, but you sort of have to go back to
70501. And you can see where a portion on the next
line from the entry of the $140,000--you can see on
line 22, it says, 7/12/88, moved to Medlin/Partin,
$97,893.78.
And then you go to the--as Mrs. Goodman explained,
that was her way of getting the money out of, in this
case off the Prather Ranch card onto the Partin card.
So, I guess kind of an attempt to, all this gets very
confusing and we probably should have, somebody should
have done better--I didn’t keep these cards. They may
have been in worse shape. But just trying to keep
track of this stuff. But in this case, she moved it.
The $140,000 probably should have been put on the
Partin card to begin with. And it had nothing to do
with the Prather Ranch. But she put it there and we’ve
seen it before, and we’ll probably see it again, where
she put stuff on the wrong card. But it’s not the end
of the world. It’s correctable. She makes an entry
and says, I’m moving this over to the Partin card. It
was moved to the Partin card on line 13, same date
7/12/88, and it says, Received from Medlin/Prather
97,893.78.
Q And did you then use that to make a payment out?
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