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46-foot Trojan yacht 100,000 71,000 29,000
61-foot Hatteras yacht 600,000 410,000 190,000
30-foot Fountain yacht 55,000 33,000 22,000
Real estate 1,450,000 1,150,000 300,000
Real estate 330,000 250,000 80,000
Real estate 7,000 None 7,000
Furniture/personal effects 25,000 None 25,000
Business assets–-Equipment 2,000 None 2,000
Accounts/notes receivable 2,850/mo. None 2,850/mo.
The instructions for the individual CIS directed petitioners to
indicate the current value of their assets, i.e., the amount for
which they could sell their assets as of that date.
The real estate valued at $1,450,000 on petitioners’
individual CIS is their residence in Cape Coral, Florida (Cape
Coral property). Petitioners acquired the Cape Coral property in
November 1999 for $675,000. According to their individual CIS,
petitioners had an outstanding mortgage balance of $1,150,000 on
the Cape Coral property and a monthly mortgage payment of $9,384
as of August 24, 2001. On August 19, 2001, 5 days prior to
submitting their individual CIS to Riley, petitioners listed the
Cape Coral property for sale with Arvida Realty Services (Arvida)
at a price of $2,700,000.
In addition to submitting their individual CIS to Riley on
August 24, 2001, petitioners submitted the order of permanent
injunction and four Forms 433-B, Collection Information Statement
for Businesses. The Forms 433-B described business entities
controlled and/or operated by petitioners.
On September 19, 2001, McKinnon proposed an installment
agreement to Riley in which petitioners would pay $1,000 per
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Last modified: May 25, 2011