-91-
2. Bruce Frey’s Payments to IRA From 1980 Through 1985 and
to THC in 1981, 1983, 1984, and 1987 (STJ report at 37-
42)
Bruce Frey was a certified property manager, real estate
broker, and the principal in D.M. Interstate Management, Inc.
(D.M. Interstate), a real estate property management company that
was an S corporation.49 By January 1980, Frey organized a
corporation, BJF Development, Inc. (BJF, Inc.), to engage in the
business of condominium conversions. Exh. 5800; Frey, Transcr.
at 653-654. As discussed in detail below, Frey, his business
associate, James Wold (Wold), and BJF, Inc. (as general
partners), organized a number of limited partnerships for the
purpose of carrying out condominium conversion projects, selling
the condominium units, and providing ongoing management services
for the condominium association. Exh. 5800; Frey, Transcr. at
659-660, 663.
On June 15, 1984, Frey, Wold, and BJF, Inc., as general
partners, and TSG Holdings, Inc., FWID, Ltd., and THC formed a
limited partnership known as BJF Development, Ltd. (BJF
Partnership), to engage in condominium conversion projects and
49 The second, third, and fourth sentences in the opening
paragraph of the STJ report describing business entities operated
by Bruce Frey (Frey) are incorrect. A correct statement of those
facts is set forth in additional findings of fact in the text
that follows.
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