- 9 -
All of the principal of the Plan’s loan to Eagle Bluff has
been repaid. See supra note 2.
d. Jocks and Jills
Jocks and Jills, Inc., is a corporation located in Atlanta,
Georgia. Petitioner was the secretary/treasurer of Jocks and
Jills, Inc., in 1998 and 1999, and its registered agent in
Georgia in 1998 and 1999. On the dates shown supra in table 1
petitioner had a 33.165-percent interest in Jocks and Jills, Inc.
There were more than 70 other partners; the next greatest
percentage interest was of a partner who held 4.8809 percent.4
Petitioner signed the Plan’s November 20, 1998, December 31,
1998, and January 26, 1999, checks effectuating the loans to
Jocks and Jills, Inc.5 (The record does not indicate who signed
the check or checks that effectuated the first loan shown supra
in table 1.) Petitioner signed Jocks and Jills, Inc.’s
promissory notes to the Plan on behalf of Jocks and Jills, Inc.
The first promissory note, dated September 2, 1998, was in the
amount of $200,000. On January 15, 1999, Jocks and Jills, Inc.,
4 So stipulated. The stipulated exhibit that serves as the
foundation of the stipulated conclusions lists “Partners’
Allocation Percentages” for Jocks & Jills Restaurant, LLC, a
separate entity from Jocks and Jills, Inc. In the absence of an
explanation by the parties, we have followed the language of the
parties, even to the use of the word “partner” rather than
“shareholder”.
5 The two $50,000 checks are made out to Jocks and Jills,
Inc., but the $25,000 check is made out to Jocks & Jills
Restaurants, LLC. See supra note 4.
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