James S Sparkman - Page 7

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         * * * [HEH] minutes”.  The document recites that the trustees may            
         elect or appoint managing directors or agents to “hold funds for             
         specific purposes”.                                                          
              A document entitled “Minutes of Hawaii Environmental                    
         Holdings”, signed June 1, 1993, states that the Creator, S.                  
         Siegert, appoints Lee Allan Hansen as trustee.6  These minutes               
         also state:  “At a regular meeting of the Board of Trustee(s), it            
         was suggested and unanimously approved” that Sparkman be appointed           
         “Agent” of HEH.7  These minutes further state:                               
              The nature of his [Sparkman’s] title will be that of                    
              President, and his responsibilities are to open bank                    
              accounts, act as the official authorized signature [sic]                
              on said bank accounts and to operate the company to the                 
              same extent as if he were the owner.                                    
              The HEH minutes state that one of the goals of HEH is “the              
         sale of solar energy”.  The minutes state in part:                           
              HEH shall * * * seek a tax shelter and advantageous tax                 
              structure.                                                              
              The trust will own all solar energy equipment held in trust.            
              * * *                                                                   
              The trustee will have complete discretion as to the                     
              means used to accomplish the trust’s goals.  This will                  
              include distribution of the tax credits and depreciation                
              * * *.                                                                  



               6 Lee Allan Hansen is not otherwise identified in the                  
          record.                                                                     
               7 Inasmuch as the sole trustee was purportedly appointed the           
          same day, it seems unlikely that Sparkman’s appointment as agent            
          was at the suggestion and unanimous approval of the “Board of               
          Trustees”.                                                                  




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Last modified: May 25, 2011