Estate of Burton W. Kanter, Deceased, Joshua S. Kanter, Executor, and Naomi R. Kanter, et al. - Page 325

                                                -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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