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The $8,554,816 comprised: (1) The wire transfer of $249,193
from TPPL to SSI in 1998 for the development of the Rivercliff
property and the wire transfers of $2,109,464, $2,746,708, and
$274,953 from NCPL to SSI in 1999, 2000, and 2001, respectively,
for the development of the Rivercliff property; (2) wire
transfers of $36,263, $13,454, and $42,553 from NCPL to
petitioner in 1998, 2001, and 2002, respectively; and (3) wire
transfers from NCPL to petitioner totaling $3,082,228 for various
other Rivercliff property development costs not at issue in this
case.
After the Rivercliff property was transferred to RFI,
petitioner purportedly offset the funds NCPL wire transferred to
Kumiko Talmage to pay petitioner’s spousal and child support
obligations and divorce settlement obligations against the
$3,528,068 promissory note from RFI.17
On June 30, 2005, NCPL transferred its purported interest in
the Rivercliff property to RFI by quitclaim deed. The quitclaim
deed did not specify the interest NCPL held in the Rivercliff
property or the exact consideration paid by RFI. The quitclaim
deed stated “Other property or value was paid [as] consideration
for this conveyance”.
17 As of June 30, 2005, NCPL had wire transferred $2,095,203
to Kumiko and Lillian Talmage for the amounts petitioner owed
under the divorce settlement and for his spousal and child
support obligations.
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Last modified: March 27, 2008