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Century Industries was a partnership organized in 1979, and
its partners were the Bea Ritch Trusts, Solomon Weisgal
(individually and for his own account, rather than as trustee of
the Bea Ritch trusts), and Earl Chapman. The 25 Bea Ritch Trusts
(collectively), Weisgal, and Chapman each held one-third
interests in the partnership. The partnership’s objective was to
engage in highly leveraged investments in which the partners
would contribute relatively minimal amounts of their own capital.
The partnership was ultimately unsuccessful in such investments.
In early 1980, the partnership was reconstituted. Chapman
withdrew from the partnership, new partners were admitted, and
the partnership’s investment focus was changed. The
reconstituted partnership purportedly would engage in investments
in which its partners would be required to contribute larger
amounts of capital. The new partners included Kanter, four
family trusts for the benefit of Weisgal’s family members (James
Children’s Trust, Lawrence Children’s Trust, Lee Children’s
Trust, and Richard Children’s Trust), and Atlay Valley
Investments General Partnership (Atlay Partnership), another
investment partnership composed of irrevocable trusts for the
benefit of Mr. Weisgal’s family. During 1980 and 1981, the
partners in Century Industries, their capital interests, and
their initial capital contributions were as follows:
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