-112-
c. Walters’s Transactions With Prudential
Walters was a commercial real estate developer who did most
of his business in Colorado and Texas. Walters, Transcr. at 314-
315. On October 19, 1981, Walters and Schaffel entered into two
written agreements which provided that Schaffel would receive
fees ranging from 1.75 to .875 percent of the aggregate permanent
financing that Walters received from Prudential with regard to
completed development projects referred to as the Ramada
Renaissance and Cherry Creek Place II. Exh. 189 (Ramada
Renaissance); Exh. 190 (Cherry Creek Place II). The agreements
included an acknowledgment that Prudential provided the financing
primarily as a result of Schaffel’s efforts. Id. Before
finalizing these transactions, Walters met with Ballard at
Prudential’s Newark headquarters. Walters, Transcr. at 317-319.
On November 5, 1981, Barbara DiLanciano sent a letter to
Schaffel, on behalf of IRA, regarding the Ramada Renaissance and
Cherry Creek Place II development projects, which stated: “this
letter will serve as your notification and restatement of our
arrangement wherein * * * [IRA], as your broker, is to receive
one-half of the financing fee due you.” Exh. 471. Prudential
committed to provide $17 million and $15.6 million in financing
for the Ramada Renaissance and Cherry Creek Place II projects,
respectively. Exhs. 189, 190.
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