PK Ventures, Inc. and Subsidiaries, et al. - Page 109

                                       - 54 -                                         
          As of that date, the outstanding principal balances of the                  
          transfers associated with these agreements totaled $2,256,223.              
               PKVI LP’s financial statements for the year ended                      
          December 31, 1991, are not part of the record in these cases.  On           
          the Balance Sheets included in PKVI LP’s reviewed financial                 
          statements for the year ended December 31, 1992, PKVI LP’s total            
          and current liabilities were listed as $2,334,551 as of                     
          December 31, 1991.  The $2,334,551 included $2,256,223 for                  
          long-term debt in default, $76,058 for accrued expenses, and                
          $2,270 for accounts payable.  On the Schedule L attached to                 
          PKVI LP’s Form 1065 for 1991, $2,256,223 was listed under                   
          “Mortgages, notes, and bonds payable in less than 1 year” as of             
          the end of that year.                                                       
               As of December 31, 1992, PKVI LP had loan agreements                   
          outstanding with Liberty Life and MGFP.  As of that date, the               
          outstanding principal balances of the transfers associated with             
          these agreements remained $2,256,223.  This entire amount was               
          listed as a current liability on the Balance Sheets included in             
          PKVI LP’s reviewed financial statements for the year ended                  
          December 31, 1992.  On the Schedule L attached to PKVI LP’s                 
          Form 1065 for 1991, $335,448 was listed under “Mortgages, notes,            
          and bonds payable in less than 1 year” as of the end of that                
          year, and $2,528,779 was listed under “All nonrecourse loans”.              







Page:  Previous  44  45  46  47  48  49  50  51  52  53  54  55  56  57  58  59  60  61  62  63  Next

Last modified: May 25, 2011