-46-
management contracts, financing transactions, and related
business. Ballard, Transcr. at 215; Knab, Transcr. at 606-609;
Strum, Transcr. at 511, 521-522. Ballard believed that his power
to reject or veto a proposed transaction was the most significant
power that he wielded at Prudential. Ballard, Transcr. at 215.
2. Lisle25
Lisle became president of PIC Realty in 1970. Exh. 2030, at
2. Lisle was first introduced to Kanter by A.N. Pritzker during
the period 1968 to 1970. Id. at 10-11. At that time, PIC Realty
was involved in the construction of what would become the Houston
Hyatt Hotel, and Kanter was representing the Pritzkers. Ballard,
Transcr. at 119-120; Exh. 2030, at 11.
Lisle was authorized at both Prudential and Travelers to
commit up to $20 million to real estate financing transactions
and development projects. Exh. 2030, at 2, 9-10. Lisle’s
position at Travelers, senior vice president for the real estate
investment department, was higher than his position at
Prudential. Id. at 9. Lisle’s high-ranking-executive positions
at Prudential and Travelers allowed him to exert significant
influence over Prudential’s and Travelers’ real estate investment
25 As previously indicated, Lisle died before the trial was
held in these cases. Exh. 2030 is a transcript of an interview
that IRS agents conducted with Lisle on Jan. 10, 1990.
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