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or Jocks and Jills, Inc. J & J Charlotte, Eagle Bluff, and Jocks
and Jills, Inc., are hereinafter sometimes referred to
collectively as the Borrowers.
Table 1
Loan Date Borrower Amount
May 29, 1996 J & J Charlotte $100,000
June 7, 1996 J & J Charlotte 100,000
June 12, 1996 J & J Charlotte 75,000
July 8, 1996 J & J Charlotte 25,000
Sept. 9, 1996 J & J Charlotte 25,000
May 20, 1997 Eagle Bluff 50,000
Sept. 2, 1998 Jocks and Jills, Inc. 200,000
Nov. 20, 1998 Jocks and Jills, Inc. 50,000
Dec. 31, 19981 Jocks and Jills, Inc. 25,000
Jan. 26, 1999 Jocks and Jills, Inc. 50,000
1 The parties’ stipulation states that the $25,000 check is dated Nov.
20, 1998. However, the stipulated exhibit shows that the check is dated Dec.
31, 1998, and the check processing stamps are consistent with the latter date.
Our finding follows the stipulated exhibit rather than the stipulation.
b. J & J Charlotte
J & J Charlotte is a sports theme restaurant located in
Charlotte, North Carolina. When J & J Charlotte was
incorporated, in September 1994, and on the dates shown supra in
table 1, petitioner was the only member of J & J Charlotte’s
board of directors and was J & J Charlotte’s vice president,
secretary, and treasurer; on the table 1 dates petitioner also
was J & J Charlotte’s registered agent.
When J & J Charlotte was incorporated, petitioner owned all
10,000 shares of J & J Charlotte’s subscribed stock. By June 30,
1996, 102,000 additional shares were outstanding. On the dates
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