-386-
Exhs. 9159, 9160, 9161, and 9162; Kanter, Transcr. at 4276-4278,
4284-4285, 4288-4289, 4292. Check Nos. 1315 to 1317, listed
above, were not made out to Cashmere because the debtors on those
notes (Beach Trust, BWK Revocable Trust, and THC) were instructed
to transmit their own checks to Cashmere. Exh. 9158 (Beach
Trust); Exh. 148, at 8, 13 (THC); Kanter, Transcr. at 4274-4275,
4284-4286. Kanter testified that TACI transferred to Beach
Trust, BWK Revocable Trust, and THC the amounts reflected in
check Nos. 1315 to 1317 above), the amounts so transferred were
considered loans from the Bea Ritch Trusts, and those loans were
paid back. Kanter, Transcr. at 4292-4294. However, no
documentary evidence (promissory notes, payment schedules,
canceled checks representing interest or principal payments, or
other records) was presented at trial to substantiate Kanter’s
testimony.
As of September 1, 1983, Waco held all of Cashmere’s
outstanding stock, and Cashmere’s assets included the real estate
partnership interests and $498,500 in cash. Exh. 9156, Item
10(a), at 5.
C. Sale of Cashmere Stock From Waco to Zell
On September 2, 1983, Kanter negotiated the sale of Waco’s
Cashmere stock to Equity in exchange for a check in the amount of
$1,647,500. Exh. 9156, items 10A, 52; Kanter, Transcr. at 4250-
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