-95-
Trust as a major investor in the 535 North Michigan Ave. project.
Frey, Transcr. at 666, 673.
In return for Kanter’s bringing investors and capital to the
Lakewood and 535 North Michigan Ave. projects, Frey paid Kanter
10 to 20 percent of the development and management fees Frey
earned on those projects. Frey, Transcr. at 665-668; Wold,
Transcr. at 2865. Frey remitted these payments to Kanter-related
entities as directed by Kanter. Frey, Transcr. at 674; Wold,
Transcr. at 2861. At the same time, Zeus and Zion received
normal profits interests as limited partner investors in these
projects. Frey, Transcr. at 666.
Prudential was not involved in either the Lakewood or the
535 North Michigan Avenue conversion projects. Frey, Transcr. at
663-677.
The first condominium conversion project that Frey undertook
involving Prudential was in connection with a 1,000 unit
townhouse apartment complex called Village of Kings Creek at
Miami, Florida. In late 1979 or early 1980, Frey approached a
Prudential real estate department executive working in
Prudential’s Miami, Florida, regional office about purchasing the
Village of Kings Creek apartment complex. The apartment complex
was owned by a pension fund managed by Prudential. Frey offered
to purchase the apartment complex for a cash price of about $20
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