-339-
As of June 13, 1978, LICCDC changed its name to Cablevision
Systems Development Co. (Cablevision). Statland, Exh. 20.
In about 1984, one of Kanter’s former law partners, Donald
Statland, commenced an action in Illinois State court against
Kanter and other Levenfeld/Kanter partners in an action captioned
Statland v. Levenfeld, et al., No. 84 CH 6494 (the Statland
case), concerning their involvement in Cablevision. Statland
alleged, among other things, that the Levenfeld/Kanter partners,
in substantial part, had obtained their and/or their families’
Oyster Bay Associates partnership interests in exchange for the
law firm’s services and the law partners’ efforts to recruit
unrelated, third-party investors. Statland claimed he was
entitled to a share of the Oyster Bay Associates partnership
interests because those partnership interests represented law
firm partnership income. Ultimately, the Illinois State court
ruled against Statland and held, among other things, that
Statland was not entitled to a share of the Oyster Bay Associates
partnership interests.
The Bea Ritch Trusts’ tax returns for the fiscal year ended
September 30, 1987, included aggregate net long-term capital
gains from the HB, BW, and YB partnerships of $1,143,248,
$274,660 and $615,460, respectively. Exh 9186. HB, BW, and YP
recognized these capital gains when they sold (during 1986)
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