-130-
a price of $3.1 million, to be paid to IRA over 10 years with
interest. Exh. 270.
In February 1989, Kanter wrote to Ross and inquired whether
PMS would be interested in making an early, discounted final
payment on the PMS stock repurchase agreement. Exh. 344. Kanter
mentioned in his letter that IRA had assigned its contract rights
under the IRA/PMS installment agreement and that any payment
should be remitted to PSAC, Inc., which served as the depository
for the assignee. Id. The record reflects that PMS accepted
Kanter’s proposal and remitted a final payment of $750,000 to
PSAC in February 1989, and the payment was distributed to Carlco,
TMT, and BWK, as discussed below. Exh. 345.
During the period 1979 to 1989, PMS made installment
payments to IRA as set forth in the following table.
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