- 46 - 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.Page: Previous 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 NextLast modified: March 27, 2008