Patrick G. & Valerie V. O'Malley - Page 8




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             Lot                             Grantee                                  
               1     Patrick O’Malley, Custodian for Megan O’Malley                   
               2     Thomas Galvin                                                    
               3     Patrick O’Malley and Valerie O’Malley                            
               6     Patrick O’Malley, Custodian for Bradley Galvin                   
               7     Patrick O’Malley, Custodian for Kevin J. O’Malley                
               8     Patrick O’Malley, Custodian for Hanna Galvin                     
               9     Patrick O’Malley, Custodian for Edward P. O’Malley               
              10     Patrick O’Malley, Custodian for Tara O’Malley                    
              13     Patrick O’Malley, Custodian for Connor O’Malley                  
               Sometime in the fall of 1999 before December 2, 1999, peti-            
          tioners concluded that they needed substantial funds to meet                
          certain financial obligations, including certain obligations with           
          respect to petitioners’ second loan on the Severn Chapel Road               
          property.  Because of the amount of debt that they had outstand-            
          ing, petitioners were unable to meet such obligations by borrow-            
          ing additional funds from one or more financial institutions.               
          Mr. O’Malley made a proposal to his brothers Kevin O’Malley and             
          Edward O’Malley (brothers) under which they would accommodate               
          petitioners’ financial needs.  Mr. O’Malley proposed to his                 
          brothers that, as part of petitioners’ respective transfers to              
          them of lots 5 and 12 pursuant to petitioners’ family subdivision           
          agreement, his brothers obtain loans secured by their respective            
          lots and provide the loan proceeds to petitioners.                          
               Mr. O’Malley made inquiries at F&M Bank in order to ascer-             






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Last modified: November 10, 2007