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payments of accrued interest be made monthly beginning on
December 20, 1987, and that the principal balance and accrued
interest become due and payable on May 20, 1988. On or about
June 6, 1988, the Summit Trust loan was renewed until May 20,
1989, under terms similar to those contained in the renewal of
November 23, 1987.
Transfers From PK Ventures, TBPC, and TPTC to Zephyr and Zephyr’s
Bankruptcy
After its acquisition by the Zephyr purchasers in 1987,
Zephyr continued to operate as a limestone mining business.
During 1987 and 1988, Zephyr received transfers totaling
$2,281,818 from the following sources:
Source Amount
Printon Kane $1,450,000
PK Ventures 446,215
TBPC 263,296
TPTC 122,307
During 1988, Zephyr unsuccessfully attempted to obtain financing
from ITT Commercial Finance Corp. and Tarmac Florida, Inc.
On December 6, 1988, Zephyr filed for bankruptcy under
Chapter 11 of the Bankruptcy Code. Among the creditors listed in
its bankruptcy documents were Printon Kane, PK Ventures, TBPC,
and TPTC. The bankruptcy documents indicated that PK Ventures,
TBPC, and TPTC had transferred $831,818 to Zephyr, as set forth
above. PK Ventures, TBPC, and TPTC each filed claims in Zephyr’s
bankruptcy proceeding on September 12, 1989. Copies of canceled
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