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development projects or in arranging Prudential construction
contracts for Torcon.
f. Four Ponds, FPC Subventure, and One River Partnerships
Kanter and Lisle invested in two real estate development
projects that Schaffel and Torcivia were instrumental in
organizing. Each development project was undertaken by a limited
partnership. One project was through the One River Associates
Limited Partnership (One River Partnership); the other project
was through the Four Ponds Associates Limited Partnership (Four
Ponds Partnership).
(i). Four Ponds Partnership
On or about March 21, 1980, Torcivia and Schaffel, as
general partners, along with Kanter and other limited partners,
formed the Four Ponds Partnership. Exh. 187. Four Ponds
Partnership was formed to acquire real estate located in
Middletown, New Jersey, and to construct an office building on
the property. Id.; Schaffel, Transcr. at 402-404. Torcivia and
Schaffel each acquired a 30-percent general partnership interest
in Four Ponds Partnership, and Kanter acquired an 8-percent
limited partnership interest. Exh. 213; Torcivia, Transcr. at
369-370; Exh. 9093; Exh. 187, par. 3.1. Lisle was not a direct
partner in Four Ponds Partnership. Exh. 187.
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