-16- 1/31/97 7,197.66 -0- 2,595,531.88 1/31/97 46,000.00 -0- 2,641,531.88 2/28/97 34,000.00 -0- 2,675,531.88 3/31/97 15,000.00 -0- 2,690,531.88 7/10/97 5,000.00 $43,418.06 2,647,213.82 ALD used the transferred funds received from ALSL to pay ALD’s operating expenses incurred in connection with the Seasons of Sarasota project, including professional fees for site plans, construction drawings, environmental assessments, surveying, marketing studies, and expenses of the sales staff. ALSL did not establish a written schedule for repayment of any of these transferred funds (or interest thereon), and ALSL never demanded that ALD repay any of the funds (or interest thereon). ALSL never required that ALD pledge any of its assets to secure repayment of any of the transferred funds, and ALD never pledged any of its assets to secure such repayment. ALSL never required that ALD’s members pledge security for repayment of any of the transferred funds, and ALD’s members never pledged any such security. ALD’s members never agreed to personally guarantee repayment of any of the transferred funds. The $43,418.06 payment that ALD made to ALSL on July 10, 1997, resulted from the reported liquidation of ALD’s assets in 1996. VIII. Seasons of Sarasota On October 24, 1994, William Shaner (Shaner) delivered documentation to Seasons Management Co. (SMC) describing thePage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011