Hubert Enterprises, Inc. and Subsidiaries, et al. - Page 16

                                        -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 the                






Page:  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