-181-
Year Claude Ballard Mary Ballard Exhibit
1984 $10,599 -- 93, at 4
1985 10,599 $160,000 94, at 10
1986 16,599 160,000 95, at 4
1987 36,943 160,000 96, at 2-3
1988 136,943 160,000 97, at 2
1989 146,943 160,000 98, at 4
An agreement dated December 26, 1986, purported to provide
for the repayment of the $160,000 loan to Mary Ballard with
Macy’s preferred convertible stock that Ballard owned. Exh.
9098. However, TMT’s accounting records do not indicate that the
$160,000 loan was ever repaid or that the Macy’s stock was
transferred to TMT in accordance with the December 26, 1986,
agreement. Exh. 98, at 4.95
(iii). TMT’s Property Transferred to Ballard
In 1986, TMT paid $100,000 to acquire property described in
TMT’s general ledger as “LAND ST. FRANCIS COUNTY [ARKANSAS]
414.28 ACRE”. Exh. 95, at 4. An adjusting journal entry for
1986 regarding this transaction stated “to record purchase of 2/7
on 414.28 acres in St. Francis County, Arkansas.” Id. An
adjusting journal entry for 1987 regarding this transaction
stated “to r/c amounts loaned to Claude for purchase of Fairfield
Planting Co. (See agreement in file).” Exh. 9014, at 34. The
414.29 acres of Arkansas land were no longer listed as a TMT
95 As discussed supra p. 158, Kanter and Ballard negotiated
the repayment of this debt in late 1992.
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