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incorporation papers for Adrical, who the corporate officers of
Adrical were, or how much money was invested in Adrical.
In 1998, on a monthly basis, in connection with the Trieste
project, petitioner, Garza, other consultants, and interpreters
began traveling to Trieste, Italy. In 1999, petitioner made two
or three additional trips to Trieste.
In July of 1999, the Trieste project began to collapse
apparently due to a lack of funds and to dissension between Garza
and other personnel. By the end of July of 1999, petitioner had
terminated his involvement in the Trieste project and any further
association with Adrical. By the end of 1999, the Trieste
project had fully collapsed, and Adrical’s involvement in the
project was terminated.
In September of 1999, Adrical, for the first time, was
registered to conduct business in California. The record herein
is unclear as to what California business activity, if any,
Adrical proposed to conduct.
On January 7, 2000, Wells Fargo Bank (Wells Fargo) made a
$197,050 loan to Peter Geddis, Inc. (PGI), petitioner’s wholly-
owned corporation which petitioner had incorporated in 1989 in
California. Under the terms of this loan, payments of principal
and interest were to be paid by PGI by way of monthly withdrawals
from PGI’s bank account. Petitioner signed the loan agreement
between Wells Fargo and PGI as personal guarantor.
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