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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”.
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