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Partnership which in turn KWJ Partnership used to make so-called
consulting payments to Ballard’s and Lisle’s adult children
during the period 1983 to 1989. Lisle was aware of and
acquiesced in these payments, and he was aware that the children
were not providing any meaningful services in exchange for the
payments.
We conclude Lisle owned Carlco and all of its assets, and
Lisle used Carlco as a conduit for receiving his share of the
payments from The Five.
(ii). TMT
During 1984, TMT purportedly made loans to Ballard,
Seabright Trust, and Seabright Corp.120 By 1989, TMT’s
outstanding loans to Seabright Trust and Seabright Corp. totaled
$135,155 and $41,520, respectively. The record does not include
any promissory notes issued in connection with the loans to
Seabright Trust or Seabright Corp. There is no evidence that
either Seabright Trust or Seabright Corp. paid interest on the
loans from TMT. As of the time of trial, the loans had not been
repaid.
From 1984 through 1989, TMT lent $146,943 and $160,000 to
Claude and Mary Ballard, respectively. Although Ballard
120 Ballard believed Seabright Trust was an entity used to
make tax-sheltered investments. Seabright Corp., which owned a
farm in Arkansas, was owned by the Mary Family Trust, a trust for
the benefit of Ballard’s wife and daughters.
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