Sid Paul Ruckriegel - Page 13

                                       - 13 -                                         
          notes), bearing the following dates of execution and in the                 
          following amounts:13                                                        

                          Sid to        Sidal        Al to        Paulan              
              Date        Paulan       to Sid        Paulan       to Sid              

            6/30/97      $600,000    $600,000      $600,000     $600,000              
            12/18/97     1,000,000    1,000,000    1,000,000    1,000,000             
            10/31/98     464,000      464,000      464,000      464,000               
            4/20/99      125,000      125,000      125,000      125,000               
            11/12/99     262,500      262,500      262,500      262,500               
            1/31/00      100,000      100,000      100,000      100,000               
            3/31/00      250,000      250,000      250,000      250,000               
            10/31/00     200,000      200,000      200,000      200,000               

               The June 30, 1997, promissory notes predate the transaction            
          to which they relate; i.e., Paulan’s July 11, 1997, check to                
          Sidal for $1.2 million.  Similarly, the April 20 and November 12,           
          1999, promissory notes predate the transactions to which they               
          relate; i.e., Paulan’s December 31 and November 17, 1999, checks            
          to Sidal for $250,000 and $525,000 respectively.14                          

               13  Thus, for each alleged effective date, there were four             
          promissory notes (one each by Sid and Al to Paulan, and two by              
          Sidal, one each to Sid and Al) in matching amounts.  With the               
          exception of the notes dated Dec. 18, 1997, which correspond to             
          the $1 million wire transfer payments, and the notes dated Oct.             
          31, 1998, each promissory note represents one-half of the amount            
          of a check from Paulan to Sidal.  The notes dated Oct. 31, 1998,            
          each represent one-half of $928,000.                                        
               14  The Apr. 20 and Nov. 12, 1999, promissory notes bear               
          effective dates and amounts corresponding to Paulan’s  borrowings           
                                                             (continued...)           





Page:  Previous  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  Next

Last modified: May 25, 2011