-114-
would receive a fee of 1 percent of the aggregate financing that
Walters obtained from Travelers with regard to four separate
development projects. Exh. 193 (17th & Market Plaza); Exh. 197
(Orchard Place VIII); Exh. 198 (Orchard Place VII); Exh. 199
(Cherry Creek Building III). The record reflects that Lisle
personally approved Travelers financing for several of these
development projects. Exhs. 990, 993, 995.
By check dated November 9, 1983, Schaffel paid $213,750 to
IRA representing 50 percent of the fees that Schaffel earned on
the Stanford Place II project.55 Exh. 204, at 2. After the
Stanford Place II payment, however, Schaffel stopped paying IRA
on Travelers transactions, and a dispute with Kanter followed.
Sometime during 1984, Kanter contacted Schaffel and inquired
why IRA was not receiving 50-percent of Schaffel’s fees on
Travelers deals. Schaffel took the position that the August 2,
1979, agreement between himself and IRA did not apply to deals
with Travelers because Lisle had left Prudential. Schaffel was
concerned that the terms of his agreement with IRA were too
comprehensive and costly. Schaffel explained: “Bob [Lisle] had
moved on to Travelers and Claude [Ballard] had moved on to
55 Thus, the recommended finding of fact in the STJ report,
at 44, that Schaffel initially did not share with IRA the fees he
earned on business deals with Travelers is incorrect as to the
fee from the Stanford Place II project.
Page: Previous 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 NextLast modified: May 25, 2011