- 14 - Directors and Partners’ Minutes Sidal For each Sidal promissory note, petitioners, in their capacities as the directors of Sidal, executed minutes of a “Special Meeting of the Board of Directors of Sidal, Inc.”, which purported to be the minutes of a board of directors meeting to authorize (1) the borrowing from each petitioner and (2) the promissory note to each petitioner. In each case, the specified date of the board of directors meeting was the effective date appearing on the corresponding promissory notes. Paulan Petitioners, in their capacities as the sole general partners of Paulan, executed “Minutes of the Special Meeting of the Partners of Paulan Properties” specifically authorizing the following loans: (1) the wire transfer payments reflected in the promissory notes of $1 million from each petitioner to Paulan, dated December 18, 1997, (2) the $250,000 check to Sidal, dated December 31, 1999, reflected in the promissory notes of $125,000 from each petitioner to Paulan, dated April 20, 1999, and (3) the $525,000 check to Sidal, dated November 17, 1999, reflected in the promissory notes of $262,500 from each petitioner dated November 12, 1999. The partners’ minutes authorizing those three 14(...continued) of $250,000 on Apr. 20, 1999, and $525,000 on Nov. 12, 1999.Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011