Estate of Burton W. Kanter, Deceased, Joshua S. Kanter, Executor, and Naomi R. Kanter, et al. - Page 100

                                                -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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