-142-
Corp.72 Formby, Transcr. at 1502-03, 1518-19, 1585-86. The
partners of Essex Partnership and their partnership interests
were as follows:
Percentage
Partner partnership interest
MHM 47.500
IRA 26.125
THC 21.375
Connolly 5.000
Eulich attributed Connolly’s relatively modest partnership
interest in Essex Partnership to the fact that Connolly received
a substantial salary from the Gateway Hilton. Eulich, Transcr.
at 1635, 1643-1644.
Essex Corp. and Essex Partnership were both in existence
from January 1982 to December 1984. Formby, Transcr. at 1502-
1503, 1516; Exh. 817. General ledgers were maintained for Essex
Corp. Exh. 697; Formby, Transcr. at 1516. In some instances,
transactions pertaining to Essex Partnership were posted to the
general ledger of Essex Corp., rather than on the partnership’s
books. Formby, Transcr. at 1518.
72 The STJ report, at 56, included the following
recommended finding of fact: “Eulich, Kanter, and Connolly
decided to form the Essex Partnership (Essex), which was
organized in about late 1981”. This recommended finding of fact
is manifestly unreasonable inasmuch as Connolly generally was
unaware of Essex Partnership’s organization and operation.
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