-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
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