58-Institutional Investors Mortgage Banking Business Development of 1987 January 15, 2017

Advanced Media Group
ANTI-TRUST
Page 1AND
of 45 INTELLUCUAL PROPERTY LITIGATION
02/16/2007CLAIMS
Institutional Investors of America, Inc.

Financing.Investments & Advisors
iUlan D. Dannsli
Managing General Parhler
January 20, 1987

HONORARY CHAIRMAN
Gm.s. Moon
,)
CHAIRLLINoFrnEmARD
* a d w. I-h
Mr. Stan Caterbone

Financial Management Group
1775 Oreqon Pipe
DIRECTORS
~~~~~.~
~
k.
v*. P&n(
k t x hB=+.NYC
*. I..
oyimy.
C u U
Fo-.
ur. A
CAYIW I-. co.

hrnbnvdca
F~-u.s.
40
Re:
Mortgage Loans
Commercial and Residential
Dear Stan:
&
"
.
.
"
A
Chi,"""
An- W..'"I
C*.
rO u i r m a n norpied
C-nth
d Arrri.
In reference to the above captioned subject, enclosed

please find a synopsis of our lending programs. We
are very interested in business in your part of the
Country. I will also be in a position to do some
other business with you through the bank we just
purchased in 60-90 days.
Very truly yours,
Allan D. Dannatt
President
ADD/slh
Enclosure
Stan J. Caterbone MORTGAGE BANKING Page

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1 45
of 45
777 North Eldridge Parkway. Suite 730
Sunday January 15, 2017

Houston. Texas 77079
ANTI-TRUST
Page AND
2 of 45INTELLUCUAL PROPERTY LITIGATION
02/16/2007CLAIMS
LOAN HIFTFOLJO
aJFEimRA!iE~vrms
ma
10 yrs.
Variable
5 yrs.
7 yrs.
Fixed
Fixed
&
e
225 bp wer
03F o r 300 bp
wer 1 yr T- ill
Pay R a t e
Fee
Amortization
Stating
1-2 pts.
30 Y e a r s
1-2 pts.
1 3/4 pts.
30 Y e a r s
30 Y e a r s
@ 9%
9.5%
9.65%
Fived Rates a l s o available a t 325 basis pints wer c
o T-Bill
Retail, O f f i c e , Industrial
10 yrs.
Variable
5-7 yrs.
Fixed
Fixed
1oyrs.
300-350 bp wer
1 yr. T-Bill o r
250 bp wer 03F
1-2 pts.
30 Y e a r s
8.75%
9%
Par-1 pt.
Par-1 pt.
30 Y e a r s
30 Y e a r s
Similar terns available f o r m i n i wx&mses,

homes and ACLF f a c i l i t i e s .
Forwarrl,
available.
q,
open-ended
hotels, mobile home parks, nursing
and covered construction

Maxmm loan to value of 809.
loans are also
W e are a r n m t l y seeking t o plrchase $500 million in

Sale Leasebacks
p r q e r t i e s nationwide leased to nationally listed public corporations w i t h good
credit ratings. Leases r r p ~ s tbe NNN with a minimJm of a 10 year tenn. Mininnnn
cash h
t
$5-$500111.
REMICS
Beginning in the 2nd W X t e r of 1987, I I A will be placing $100 million
a m n t h into real estate investment mortgage conduits. Innn&iate urdbg lcans
w i l l be made on all types of I n s t i t u t i o n a l quality property.
Fates quoted are test available and m y vary depending on location and quality
of product.
1
Stan J. Caterbone MORTGAGE BANKING
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ANTI-TRUST
Page AND
3 of 45INTELLUCUAL PROPERTY LITIGATION
02/16/2007CLAIMS
CYWTER BUSINESS PlAN
FDR
JULY 1. 1986
LWGBER. PA -TION
Page
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No.
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ANTI-TRUST
Page 4 AND
02/16/2007CLAIMS
Firrancia. Securities, Inc.
............... .?he Broker Dealer
Em Advisory, ........................
..The Registered Investment Advisor
.......The Insumme Agency

In=. .............?he Acamting Finn
Financial Savims Insurance Agemy

EM; Acmmting Sezvices,
Financial tbrtqages Services, Inc. ........?he

Wealth MaMgement Semi-,
..
..........The
Financial PlarPling &msultants, Inc. ......We
Mortgage Bmkmqe Firm
Portfolio MaMger
Financial Pla-
&
Market Timer
Finn
mmTE FmG (In Hause)

Eager Real Estate
........................Redl Estate Services
O'my ti smith .............................Legal
Counsel for Business
&
Xeal Estate
.........Legal cavrsel for Estate Planning

W e l l Associates, Inc. .................. .Property 6 Casualty Servicrs
Pro Financial harp, Inc. .................Servicc5 for Profe55ional Athletes
Shirk, Reist, Wagenseller
&
Shirk
Please note that the W e f i n s are currently wrler nqotiations and have given
ve.rhl amnnitment for affiliation.
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MICHAEL P. O'DAY
EDWARD H. SMITH
TIMOTHY A. UNUPage 5 of 45 ANTI-TRUST AND INTELLUCUAL PROPERTY LITIGATION
02/16/2007CLAIMS
243 NORTH DUKE STREET

LANUSTER, PA 17642
3934CQ1
805 WEST MAIN STREET
August 22, 1986
MOUNT JOY. PA 17552

U3-9131
1
Mr. Stanley J . Caterbone
F i n a n c i a l Management Croup, L t d .
1755 Oregon Pike
Lancaster, PA 17601
-I
- ---
~ r o f e s s i o n a ls e r v i c e s r e : F i n a n c i a l Management Group. L t d . . and

s u b s i d i a r y c o r p o r a t i o n s , including: ~ o n s u l t a t i o n sand advice;
preparation and f i l i n g of A r t i c l e s of Incorporation f o r F i n a n c i a l
Management Group, L t d . and nine s u b s i d i a r y c o r p o r a t i o n s ; prepar a t i o n and placement of l e g a l n o t i c e s .
Costs: 1 ) F i l i n g f e e s t o Corporation Bureau
nine c o r p o r a t i o n s a t $75 each '
$675 .OQ
2) Legal Notices ( s e e a t t a c h e d i n v o i c e s )
402.05
Financial
3 ) Corporation o u t f i t
76.32
Management Group, L t d .
4 ) Additional s t o c k c e r t i f i c a t e s
Finan45.76
c i a l Management Group, L t d .
T o t a l Costs
Total f e e s and c o s t s
Less c o s t s r e t a i n e r
Balance Due.
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ANTI-TRUST
Page 6AND
02/16/2007CLAIMS
OWEN KUGEL
39 NORTH MARKET STREET
LANCASTER PA 17603
717-299-4371
2 M a r c h 1987
To:
S t a n l e y J. Caterbone
President
FMG A d v i s o r y , I n c .
E d e n P a r k II
1755 O r e g o n P i k e
Lancaster, - PA 17601
717-569-41 00
From :
Owen K u g e l
Subject:
M o r t g a g e Financing.
T h i s follows up o n o u r 17 F e b r u a r y meeting a b o u t 112ortgage

Financing f o r o u r upcoming development projects.
I h a v e selected a g r o u p o f 11 p r o j e c t s f o r w h i c h we h a v e completed
pre-development w o r k a n d w h i c h a r e r e a d y f o r d e b t placement;
a n d a t t a c h e d t h e c u r r e n t financial p r o j e c t i o n s o n each.
1 h a v e assumed a 65/35 D e b t l E q u i t y s p l i t , a 9.00% r a t e o f
interest, a 30 y e a r term, a n d a o n e p o i n t o r i g i n a t i o n fee. Note
t h a t t h e L o a n t v a l u e u s i n g a 9 " s a p R a t e averages 56.54%.
Note also t h a t 1 h a v e i n c l u d e d a 2.50% D e b t Placement Fee f o r
y o u r e f f o r t s in p l a c i n g t h i s debt; w h i c h w o u l d t o t a l $433,592
f o r t h e package.
L e t me k n o w if t h e r e i s i n t e r e s t and, if so, what a d d i t i o n a l
information y o u w i l l need.
Regards,
msrlattachments
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ANTI-TRUST
Page 7 AND
02/16/2007CLAIMS
FBI Pro.bes Kugel

Contracts with
N.Carolina Cities
Several Towns Unhappy with Delays;
Kugel Says He'll Fulfill Pacts
Lancasler developer
Owen Kugel, whose rev~taliration succea in domtom
lancaster helpcd him land

%imilsr confram in at least
seven states, is bein inverti.
Bald by, t k , ~ e d e r a fBureau

Of Investlgatron for downtown
revitalization pro'eets in
North Carolina. FBf omcia;
sav.
Robert Pence, in charge
OrNorth Carolina FBI opera.
tiotb. said (he investiflahen
centers on whether Kugel's
OK Assmiales firm based
here is involved in -mail
fraud, wire fraud or any other
typeofrraud.,,
lle added thal Ule use of
interstate racilities, as well as
the use of funds in interstate
eom,yeree,wouldbr studied.
I can confirm that we
are looking into the matter to

determine if an federal laws
have been vioited:. added.
Daniel Womiak, a senior FRI

agent a t Ute bureau's GWM.
boro. N.C.. omce today.
omcials in a t least flve
North Camlina cities sa
they.re dissatisilied w i d
Kugel's prfarmanee on the
contracis and each has asked
him to returnhis w,mfee.
Kugel this mornin& tm
the New Era that he has been
aware of the investigation for
several w e d s and that he is
y p e r a t i n g with authorities
100 percent, in the interest
of &etttg It wrapped up
quie ly
"We know" the outcome
"can on1 be successful from
our standipo' ~nt."he said.
Kuge s a d he did not
know how the FBI got in.

volved in the situation. EX.
Plainin the contracts, he
said i f
d w t ( foum
thmugh on contract pmmis.
es. '.we give the money
back."
On the advice of dis attnr.
W .Alvin B. Lewis Jr.
Kugel wwld not discuss thd
status of the develo
Pro*
underway in
Carolina.
?%h'
Pence said the investiga.

t i ~ began
l
about M days ago.
But Kugel's former vice pres]dent. who arranged the
North Carolina contracts and
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ANTI-TRUST
Page 8AND
02/16/2007CLAIMS
JOHN M. C I C A L A SR.
DEVELOPER
22nd & Boardwalk

North Wildwood N.J. 0 8 2 6 0
December 1 2 , 1 9 8 6
Dear P r o p r i e t o r :
Due t o y o u r e x c e l l e n t r e p u t a t i o n a s a s u c c e s s f u l member o f New
J e r s e y ' s S o u t h S h o r e b u s i n e s s c o m m u n i t y , we a r e d e l i g h t e d t o
i n v i t e you t o p a r t i c i p a t e i n a n e x c i t i n g new v e n t u r e : SEAPORT
VILLAGE.
SEAPORT V I L L A G E h a s b e e n d e s i g n e d a s a u n i q u e a n d p i c t u r e s q u e
shopping complex s i t u a t e d a t 22nd S t r e e t i n North Wildwood.
The
complex i s now under c o n s t r u c t i o n on a r e b u i l t , widened p i e r
t h a t w i l l e x t e n d 500 f e e t o u t from t h e boardwalk t o w a d s t h e
ocean. The development, s c h e d u l e d f o r c o m p l e t i o n i n t i m e f o r t h e
s t a r t o f t h e S p r i n g , 1987 season, w i l l f e a t u r e a t o t a l of f o r t y
s p e c i a l t y and f o o d s h o p s . T h e s e s p a c e s a r e now a v a i l a b l e f o r
a n n u a l r e n t a l , a t p r e - c o n s t r u c t i o n p r i c e s r a n g i n g f r o m $30 t o $ 3 6
p e r s q u a r e f o o t . Types of b u s i n e s s e s i n c l u d e d w i l l b e c a r e f u l l y
chosen t o i n s u r e s u c c e s s f o r a l l .
A p e r f o r m a n c e a r e a w i l l be b u i l t a t t h e end o f t h e p i e r . T h i s
a r e a , t o i n c l u d e l i v e t e l e v i s i o n and r a d i o f a c i l i t i e s , w i l l s e r v e
a s t h e s i t e f o r ' p o p u l a r e n t e r t a i n m e n t and o t h e r e v e n t s d e s i g n e d
t o a t t r a c t l a r g e numbers of p e o p l e t h r o u g h o u t t h e s e a s o n as well
a s continued media coverage. Restrooms and o t h e r p u b l i c
a m e n i t i e s w i l l a l s o be included t o help i n c r e a s e f o o t t r a f f i c . A
large
s t a i r w a y w i l l permit beach access.
An e x c i t i n g
a d v e r t i s i n g and p r o m o t i o n campaign i s p l a n n e d t o c a l l a t t e n t i o n
t o SEAPORT VILLAGE.
According t o r e c e n t demographic s t u d i e s , t h e number o f a f f l u e n t

s i n g l e s , c o u p l e s and f a m i l i e s v i s i t i n g North Wildwood e a c h summer
i s r a p i d l y i n c r e a s i n g - along w i t h t h e i r p e r c a p i t a spending.
The o t h e r p i e r s i n t h e a r e a a r e a l l Amusement P i e r s . T h u s ,
S e a p o r t V i l l a g e i s a f i r s t of i t s k i n d - and a n a t u r a l s i t e f o r
t h e r e l o c a t i o n o r e x p a n s i o n of y o u r b u s i n e s s .
T h u s f a r we h a v e a p p r o a c h e d B e n e t t o n , S w a t c h , A t h l e t e ' s F o o t ,
Gimmee J i m m i e s Cookies and Banana R e p u b l i c , a s w e l l a s a s e l e c t
g r o u p of l o c a l b u s i n e s s e s s u c h a s y o u r s t h a t would b e b e s t s u i t e d
t o o u r c o n c e p t and would have t h e g r e a t e s t c h a n c e o f s u c c e s s .
S i n c e r e n t a l s p a c e i s l i m i t e d , we w i l l a c c e p t r e s e r v a t i o n s on a
f i r s t - c o m e , f i r s t - s e r v e d b a s i s . An a r c h i t e c t u r a l r e n d e r i n g of
S e a p o r t V i l l a g e i s e n c l o s e d f o r your f u r t h e r i n f o r m a t i o n .
Our r e p r e s e n t a t i v e , E l l e n Libman, w i l l b e i n y o u r a r e a i n t h e
n e x t two weeks.
S h e w i l l c a l l on y o u t o p r o v i d e you w i t h
a d d i t i o n a l i n f o r m a t i o n . Of c o u r s e p l e a s e f e e l f r e e t o c o n t a c t me
a t anytime.
Page
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No.
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ofe45
S8 iof
rely,
li
ANTI-TRUST
Page 9AND
02/16/2007CLAIMS
February 1 3 , 1987
Stanley 3. Caterbone
1 7 5 5 Oregon Pike
Lancaster, PA 17601
Re:
Carter Manor Associates
Dear Stan:
Enclosed is a Loan Request for Carter Manor Associates for the
Refinancing of two particular properties that it currently owns
and we would appreciate you consideration of this matter. Please
note that the terms in the Loan Request are negotiable.
If you have any questions, please do not hesitate to contact me.
Sincerely,
Enclosure

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REAL ESTATE Page
DEVELOPMENT
BUSINESS ACOUISITIONS
)
1681 Crown Avenue 1 PO Box 8200 i Lancasler PA 17604 11717) 395-7100
,>.
ANTI-TRUST
AND
INTELLUCUAL PROPERTY LITIGATION
Page 10
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02/16/2007CLAIMS
COLUbBIA ASSET MANAGEMENT CORP.

IXVESTbENT BANKERS
TWINING OFFICE CENTER

715 TWINING ROAD SUITE 116
DRESHER. PA 19025
Scott Rabertson
1755 Oregon P i k e
Lancaster , P A 17601
February 1 0 1987
Dear Scott :
Enclosed i s a vrrite up o n the prcxperty w e discussed.
The owner desires to refinance for a minimum of
$2,500,000 o n a non-recourse assumable basis.
It i s
understood that the enclosure is ta b e forwarded to a
private investor in Texas and is not to b e shown to
anyone else.
I f this is handled to our satisfaction, I would b e

pleased to submit additional properties for your clients
cc-nsideratinn.
Leonard M. Shendell
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ANTI-TRUST
AND
Page 11
of 45INTELLUCUAL PROPERTY LITIGATION
02/16/2007CLAIMS
Qxative Finance Campany

P.O. Box 4412
Lancaster. PA 17604
Hi* Ascciates, LTD.

Tom Kyle
1861 William Pem Way

Iaraster, PA 17601
February 3, 1987
Dear Tom:
,l
As per your recent mane conversation w i t h Bob brig, I would like to give
you scane information reganiing cur lenling ability. I have been selected to
represent a group of Institutiondl Investors that are htemsb3 in projects in
the Eastern part of the acRmtry. We are able to finance projects ranging in
s i z e of $3 t o $100 million.
hrojeds include aparbe&s,
retail, office,
hdwtrial,
health care f a c i l i t i e s , mabile hare parks, hotels and mini
warehouses.
Underwriting can be very f a s t and can often times be approved in
14
days froan time of application.
follow^ is list of underwriting
r q h x m m t s ; pro forma, rent r o l l , financial statemnts, resume of borrower,
and s c a n e under
~
certain c a d i t i o n s an MAI Wraisal. For new a m s t n ~ c t i o n
a sales agreement and cost brealcdowns are r q u i r d .
a copy of our portfolio. I hope that w e on do h i n e s s
together and provide ycmr financing for your next: project, o r possibly prwide
a r e f h n c i q package f o r ycur existing portfolio.
I appreciate the
opportunity to work w i t h you.
~slclosed is
W e may be reached a t the following nlrmber; (717) 569-5555
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02/16/2007CLAIMS
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02/16/2007CLAIMS
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ANTI-TRUST
AND
Page 14
02/16/2007CLAIMS
K E N N E PROPERTY
~Y
CORPORAT~ON
A Subsidiaw of Kennedy Health Cars Foundation
May 6, 1987
Mr. Stan Caterbone

1755 Oregon Pike
Lancaster, Pennsylvania 17601
Dear Stan:
This correspondence is to address our previous conversations
regarding the refinancing of some commercial real estate that I
am currently managing for Kennedy Property Corporation. At that
time, you had requested information on each of the buildings so
as to determine the feasability of this endeavor.
Of the four properties listed, three are owned by Kennedy
Property Corporation and the fourth is owned by Professional
Medical Management, Inc. Both companies are subsidiaries of the
Kennedy Health Care Foundation.
Enclosed you will find a description on each property. This is
accompanied by the current lease schedule for each property and
an income statement for Kennedy Property Corporation.
If after reviewing this package you believe that favorable fixed
terms can be provided, please contact me at your earliest
convenience.
Sincerely,
Michael Lawson
Property Manager
ML/~
Enclosures
Stan J. Caterbone MORTGAGE

Page
1414
45
Sunday January
15, 2017
P.O.Box 1015BANKING
' 100 Egg Harbor
Road
'ofTurnersviile.
N.J. (W012 ' 604589.3300
Ext. 421
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8'
ANTI-TRUST
AND
Page 15
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02/16/2007CLAIMS
MICHAEL LAWSON
Property Manager
P.O. rn 101s
im E Q nubor
~
M.
1wmn.Il..
WJ mot1
Page
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,,".K,.,
WAMCMC".
G..O",
ANTI-TRUST
AND
Page 16
02/16/2007CLAIMS
Management Group, LTD
,,o
STANLEY J. CATERBONE
EXECUTIVE VICE PRESIDENT
554 Berliley Road
Stone Hartwr, NJ
( W )%7-5184
08247
J u l y 24, 1987
J i m Bly
Sourcz C a p i t a l
6725 (Xlrran Street
W e a n , VA
22101
. .
Dear J i m :
Enclosed is t h e p a c k * f o r t h e Real E s t a t e Deal as per o u r
c o n v e r s a t i o n . Plg i v e me your response as to a n i n d i c a t i o n of i n t e r e s t as
= a n as p o s s i b l e so t h a t I may c o n t a c t someone else if you are n o t i n t e r e s t e d .
I a p p r e c i a t e your t i m e and c o n s i d e r a t i o n .
Zk
ley J. catertxre
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Securltl~sOffcred through Planner's Securnler Group. Ine.

A Reglitered BrokcrlDealer
Member StPC
Member NASO
I.
ANTI-TRUST
AND
Page 17
02/16/2007CLAIMS
Scope of B u s i n e s s
Servioes and f u n c t i o n s of SourWilliams.

111. S t r u c t u r e of S y n d i c a t i o n
11.
IV.
V.
Costs
C a p i t a l , I n v e s t o r / I n v e s t o r s , and Bennet
of S y n d i c a t i o n - Bennett W i l l i m F i n a n c i a l Center
Financial Projections
Page
1717
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sWswpE..a...~~-~.~.s2
.
.
is a
follwing
The
,
ANTI-TRUST
AND
Page 18
02/16/2007CLAIMS
syndication
and
Im.
The
of
to
Bennett
Williams,
Im.
to provide
the
marketing of the 2.6 million o f f i e building to b e constructed
i n downtown York,
function
pr-1
This prqms-a1 is an attecrpt to describe t h e role and
PA.
Swrce Capital
along w i t h the relationships of Bennett Williams,
and the Investor/I-tors.
of the p r o j e c t is to r a i r e the ~
plm
million
(excluding
it
entirety
until
will
be
funded
will
provide
rcapital /approximately 2.6
syndication f e e s ) and to mange the partnership t h r w g h its

dissolved.
is
As per previous conversations, t h e building
m n p l e t e l y from partnership proceeds w i t h t using debt, which
a steady stream of inccme, projected to be between 12%
the p o s s i b i l i t y of refinancing t h e p r o j e c t around t h e =nth
15%w i t h
year i n order to
return the o r i g i m l capital back to the investors.
R1G w i l l
which
also consider developing a F i ~ r C i a S

l e w i c e m n t e r , similar t o that
e x i s t s i n Lamaster.
responsible
for
the
1-
While Bennett Williams w i l l be the major t e n a n t and
up,
f%2 w i l l
consider also a i d i n g i n t h a t pr-
through w n s i o n of t h e i r business to York.
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ANTI-TRUST
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Page 19
02/16/2007CLAIMS
I.: DELI% E . B F T T . ..WIUI.W.-zTK GU'E~...~~~E~..IG..~?.,.)

T k Gewral Partner (GP) will be responsible for t k following:
a).
Development
The G.P.
will be r-nsible
for all dsvelcpwnt
involved in t k project.
b).
Construction - The G.P.
will be r q n s i b l e for all construction
pbses associated with the project.
c).
Lait-g - All leasing responsibilities will be of the G.P.

G.P.
The
will have the task of obtaining l a occupancy of the building
i n a reasomble and timely fashion. The G.P.
will also be
responsible for determining the fair market value of the =paand for attracting attractive t e ~ n t s
with favorable leasing
agreements to maintain a favorable and healthy cash flow.
d).
Management
- The G.P.
will be m n s i b l e for the managsent of
both tenants and the building in order to obtain maximum
income and future appreciation given favorable eoomnic oonditions.
Page
1919
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 20
02/16/2007CLAIMS
LL W L I C N E ~.%...%!?IT.K
MG, Ltd. w i l l be r e q x n s l b l e f o r the follcwing services and factors:
a).
The Syndicator w i l l be r e n s i b l e f o r a l l legal

and a-nting
services rezdsd to register the partnership with
the a p p r w r i a t e regulatory authorities i n order to solicit

investors.
b).
Prospectus - The Syndicator w i l l be reqmnsible f o r the development
to be used to solicit investors.
and prmhction of the pr-tus
c).
Marketing
- The Syndicator
w i l l be responsible f o r the marketing
and s o l i c i t a t i o n of investors i n order to r a i s e the necessary

capital to f i m n c e the project.
d).
Distribution of ~ r o c e e d s- The Syndicator w i l l be responsible f o r

a-nting
and reporting functions necesrary to provide investors
w i t h the progress and performance of the Partnership.
The
Syndicator w i l l be r w n s i b l e f o r the reporting regulations of the

Interm1 Revewe Service f o r
both Investors and the G.P.
The
Syndicator w i l l a l m be responsible f o r U7e distribution of p
both &ring operation and upon sale w r e f i ~ n c i n gof the project.
Page
2020
of 45
Page
No.
of 45
is a c k s c r ~ p t i o nof the s t r u c t u r e of t k p a r t n e r s h i p .
follcwing
The
Partnership
Private
ANTI-TRUST
AND
Page 21
02/16/2007CLAIMS
will
be
Pla-nt
T k
r e g i s t e r e d by t k Securities and Exckr@ Carmisrion a s a
-lation
D, Rule 144 Offering.
T h i s w i l l l i m i t t h e rxlrrber
of u m c c r e d i t e d i n v e s t o r s t o 35.
Bennet Williams Inc. - General P a r t n e r
. .
Eqity:
20% of P a r t n e r s h i p sale d i s t r i b u t i o n s
Incane:
15%of Net c a s h f l o w d i s t r i b u t i o n s
Souroe C a p i w - Marketing F e e s
Eqity:
5% of P a r t n e r s h i p =le proceeds.
Incane:
@ of N e t c a s h flow d i s t r i b u t i o n s
Eqlity:
75%
I m :
85%
Load :
ES% of c a s h goes i n t o actual development
of Net P r c c e d s
Page
2121
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 22
02/16/2007CLAIMS
(gipl-hlwill receive ~ r o x i m t e l y 8% of the capital raie&
in
the necessary services associated with the project.
This
order to perform
imludes all legal, accrxlnting and marketing fees needed.
Bennett-Williams will receive a 3%G.P. developnent fee for pltting the project
together (building design, construction %pervision
The
.
Broker/Dealer
...etc.).
needed) will receive a 1% syndication fee for
(if
registration
partnership.
and
preparation of financial disclosure
This means approximately a8% of
j' iltilding
the capital raised will go into the actual
and grand. This ircludes all 1-1,
of the partmrship.
documents for the
aoaunting, printing, marketing,
With this ratio, the program will be among the most
marketable anywhere in the country.
Page
2222
of 45
Page
No.
of 45
FiMnCial
Center
has
ANTI-TRUST
AND
Page 23
02/16/2007CLAIMS
LTD. w i l l a t t e c r p t to &welop a F i M I X i a l Service
M a ~ m n t . Grcup,
to
similar
the L a n c a s t e r Office i n t h e b u i l d i n g b e i n g vndicated.
MG
d e v e l q x d a F u l l Service F i m w i a l C e n t e r t h a t p r o v i d e s a l l of the r e l a t i v e
services
re=essary to
and institutions.
mamge t h e f i ~ n c i a affairs
l
of i n d i v i d a l s , b u s i n e s s e s
The Center w i l l i n c l u d e the f o l l o w i n g services:
1. F i r e n c i a 1 Planning
Finamial
the
2.
Investment and P o r t f o l i o Management
3.
k c c u n t i n g and Tax P r e p a r a t i o n
4.
Real E s t a t e Services
5.
Legal Servioes
6.
I ~ r a r c Services
e
7.
Managewnt
Lamaster
role i n
the
that
been
pt
w i l l s t r u c t u r e the C e n t e r similar to that of
LTD
with
the
e x c e p t i o n that Bennett Williams w i l l have a
f o r m a t i o n and the o p e r a t i o n s o f the Center.
and
structured
~ and nMortgage
t
Banking
Group,
location
recruiting
Pave
managerent
dweloped
of
and
the
-ration
used
in
Ft% w i l l p r o v i d e the
and w i l l u s e t h e w r r e n t s y s m
Lancaster.
The
ownership w i l l be
m n g MG, B e n n e t t W i l l i a m , and the other Major P l a y e r s who wish to
involved.
Enclw_sd is a n o r i g i ~ Busil
P l a n t h a t o u t l i n e s tk c o n c e p t
i n more detail.
Page
2323
of 45
Page
No.
of 45
following
The
of
ANTI-TRUST
Page 24AND
02/16/2007CLAIMS
Firms have exprezsed very s t r o n g and f a v o r a b l e i n d i c a t i o n s
i n t e r e s t to s i g n lorg term 1-
this
will
the
be
premier
office
agreements f o r -ace.
q ~ c elocated
P l e a s e be aware t h a t
i n Downtown York, and mt
irrportantly w i l l be the Only O f f i c e S>acz with on site parking.

will
be
rented
for
$30.00
Parking spa-
p e r month, and t h i s is t h e f a i r market v a l u e , n o t
c o n s i d e r i n 3 the convienewe.
Bennet
Williams
agreemenb.
and
will
occupy
25%
of
the
space
a t market v a l u e lease
Bennet W i l l i a m s is t h e l a r g s t Real E s t a t e Firm i n the York area,
is one of the L a r i Q t i n C e n t r a l Pennsylvania.
Dave %had is the P r e s i d e n t
and can be reached a t (717) 843-5551.
Cum-ican Erpress
York Bank
7 . W Sq. F t .
10,000
"
FIcrxrunting Firm
5,000
"
wraisal Firm
1,1333
"
Bennet ~ i l l i a m s
8,000
Total
3 1 , 5 0 Square F e e t
'
Page
2424
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 25
02/16/2007CLAIMS
WSH FLOW
WRD COSTS
WISITImi
CCNSTRUCTIa'l
4% CONTINGENCY FEE
$1.960,00CI.O(i
31,000 32. FT. @ $10.00

9,033 SQ. FT. @ $6.00
108 PARKIW SPACES e m/m.
$310,000
TClrPL INCOME
$402,800
$54,003
$38,800
SOFT COSTS
DES1Q.I
FuWISHINGlj
F I W I f f i FEES
TOTAL COSTS
$ 1 ~ , 0 ~ k l . ~
$m,oi3o.ix
C ; W ON CAW RETURN
$ZB,KKl.Oi,
$Z,~~R,GXJ.IX)
Page
2525
of 45
Page
No.
of 45
15
ANTI-TRUST
AND
Page 26
of 45
02/16/2007CLAIMS
Page
2626
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 27
02/16/2007CLAIMS
Page
2727
of 45
Page
No.
of 45
h 8 ADqebSr
ANTI-TRUST
AND
Page 28
02/16/2007CLAIMS
QL 90067
FEB 1
::mA~.Culcrr'b
SEE REVERSE
SIDE FOR
INSTRUCTIONS
s
t&--.
......-..
~-
FICTITIOUS BUSINESS NAME STATEMENT

THE FOLLOWING PERSONIS) IS (ARE) DOING BUSINESS AS:
lFictitious B&ess
1.
AUDIO SERVlcBs/mBarr sowD aooIOs
,- Street Address Cltb & State of P r ~ n c ~ pplace

al
of B u s ~ n e r s ~Cal~forp~a
n
2.
-1
Full name a e g l s t r a n t
ZIPCode
1137 north k c a d d e n Place, Lam Angrlem, CA
...
--
Name(~)
90038
( ~corporation
f
show state of ~ncorporat~onl
I
"side-
"ress
City
State
Zip Code
madden Place, La6 Angelas, CA 90038

&
Full name of Registrant
(if corporation - show state of incorporation)
1137
lQorth
Res~denceAddress
1 (1
City
State
--
bullname of Registrant
ZiPGde
(if corpaatlon . show state of inmporatio")
I
i
Residence Address
~.
...
City
State
-
Full name of Registrant
- .. - . .
Stale
.
5.
- --
__
17p Codr
L
?-
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.~
.
s
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t
a n 80deradu.l I 1 a wneral wrln.#mlo I I larn8tad mrln.nnar,
t
ta~,Is?...a1...8ala.l
*.I.=I
..tt-rr a
n.,, a oar#,>e-rn~u
(
ro,on,.8qa,n I 8
ba,.enn.
t r ~ a s t icb&*.
~ . . . .
*
....
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,
onr
Typed or Printed--
---
...
...
4
'
,,
?*
a
.
~
.
--
--
. __-..-
rn
..
.efile - Statement expire

December 31.<*
File No.
....-
.h
C&~I?*;(
::
on &re indiuted by file sump a b
---Cwnty
IHEREBY CERTIFY THAT THIS COPY IS A CORRECT COPY

OF THE ORIGINAI.STATEMENTOL1 FILE I N M Y OFFICE.
!
7.
2 4
a'%>
ry.
1
THE L m ANGELES
DAILY Y)URI\IAL
Stan J. Caterbone
MORTGAGE
c.uus+n( ,am BANKING
210 South & r w S t r r t . P 0 110. Yo16
L a A W k . Wltc.",. Oa)+l
T*.pho12131 6252141
,=
'
I
I
:'.:#.
. . . . . . .-.
Signature & Title
-", I
-L.
Corporation Name
7-
6. New Fict~tiousBusineu
Name Statement
c,N~v(
I f Registrant a corporation r@ below:
-(
Signed
,F
~~~
1 This statement was filed with the County Clerk of

- .
. . . . . .
-
111 corporatlon show state of lncorporat~onl
Zip Code
c-
Page
2828
of 45
Page
No.
of 45
......... ,_.__-....
Y)URNAL Sunday
OF COMMERCE
- REVIEW
January
15, 2017
**-.I.
210 h
- -
~~
L.U(.II*I."
>el7
m s . .strrl.
~ r.o eo. wx
~
Wlt--"l.
. ~
sM11
.
.-
.*klI-
'
r
to File U.S. mdivldual

lncqms ,Tak
~et$ih',
..
. .
.
r r T-R
Lnr. ,0,
I . . . . '
MARY
. .
GOM ~ u o n l
.
.
....
Wd
f
Ressnt homo address (Number and ~l,?naWik
' ~ . n m . b aw ,v d w
r:
city. t a m or port ouca. stat*. snd z ~ ~ c o d .

C UCVEri C l T y
Cr(~
///3'/
r
ANTI-TRUST
INTELLUCUAL
PROPERTY
Group
29AND
of 45
YourAdvanced
riot nam.Media
and l n
a t ~ a(if
l loon1 mum. d s a Or*
spouse'.Page
turn
wd
InlUaO
b s l nome
LITIGATION
02/16/2007CLAIMS
'
' '
cdcerc/cnwd
:, , +
'
<.
3003 y
/g.
':
.. . : .
. . ~
this lorm with the lntsrnal Rsvenue Service Cnter.wnere you m r t flle y o u r i w n m tir return ;nd;p'.y
t h mOuat
ShoWlUn
.
,
,
line 6 be:@w.Thls is not an eltenslon of Unw lor payment of tar. Tke k w mqalra that'e pen& beth.f#ed f or late. w$m#IIt
bt
p.
'?.:.
.,.
tar and idle lil~npunless you show relaonible cause for not payon. the tax when due (see 4nstructlonO);,
r1.m .swt to 11Ia a 1981 plt 114 ralurn (form 709) due p h d n a t)r clow of Uw W h dwda awmc of 19ll.chclchnba8 0.
HQbl: file
Ol
. yder I&.&
. + ' : ;.. -
1. mausst
an autornatoc 2.rnontlj eltensoon 01 tln~e'untllJune.15. 1SZ. In whlch
to file F o m 1040 for tho-lender
.
..
,.
w hwal year return until .................... 1................-.- L
.
.
:
.
.
19--.
fw th. .tar. year beginning
A
. . .. . .
and ending ............................................... 19........)<
. -.-....-...-...--.
,.
,,&
'
'
:~.1981,.. .
. . . . . I . .
.,.
.lo I
;l Total income tar liability for 1981 (You n). e s t i ~ t thla
e .ino~nL).
I, Mot.: YOU must enter an amount on line
If p. . u do not *Ip.Ct to 0"
enter zero (0).
.
B Federal Income tax withheld
,
LI.
........... .......
95 1.981estimated tax payrnwta (include 1980 ov&&nt

1: Other payments (sea instruction E)
)I,
Totai (add l i n n 2.3, and 4)
,bawd u icredit).
. .
..............
..........................
G lncome tax balance due (subtract line 5 fmrn line
1). Pay In full with mlr form
..:.....
,r Total gift tax you expect to owe for 1981 (w inshuctian E).Notc This i s the amount you oxput to gw
r for the giit tax return due following the cJow ot me tounh uI*nd.r q u e r h r d 1981
l,liny--'i
. . . . . . . . . . . . . .
m . .~
(Aimtruciion fot
., . . . . . . . . . . . ... . .
-.
I 1
.........
u b . w c M i w b r t h i l n m a m d ~ m ~ d ~ r l t + ? a ~ ~ ~ ~ * . m & ~ h & i r ~
. .~ . ~. . ~ ' * ~ ~ * ~ .
.ignature and Verification

I If R e p a r d by Teapayer.-Undu
puraltles ofperluy, Ideclen that Ihave bumlnd'thla form, lndudinp eccMnpnylng schadula
.!a
StdtcllIents, and to the best of my knowledge and bllef. it Is truo, corn(..ndcomplete.
.
IfPrepared by Someone Other Than ~w:&Und.rp.d.y,a of pwfuy, I
I h& &mi&
rrwnpanying schedules and statemants and to Ui. best of my I&i n d bollof. .kbtiuq- ai+,. .dd
. .
buthorized to prepre this form; and that Iam: . '
,.
hymt
pwd cause. MY relationship toihetar&y6rand th.'iwii+v@;tli,

...
.. ...
..
.; . .
&
..
t&yuannot
. . .
Page
2929
of 45
Page
No.
of 45
*\,,
."..'. .
*,'&id&
.....
~e ' . .!. ...:.
in,
~.,
-- .
e p l a t b - t h q l'iin
. .
mernbor In &modstandlng of the bar of th.
court .@ (spdfy luWls(l4n)
. :
. ? .
ceitified pubnic accountant qualifiql to p m c t b In (*panjurId)_
1 A panon anmlled to practlce beforethe Internal Revenue S.rvlu.
nl h authorized agent holding' a power of .ttorn+. (YOUn w d not u n d in the power of ~ m o unhss
y
requv.)
1 A penon in close personal br bu.slnau rektion~hlptq Uu bxpem annot ilgn.pilstormkcaliq of l l t n . 4 ' i ) b l r ~
.%.
-. .:
Iqdudlng.
t q , af&,
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.. , . . .
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v..-
+.:.
*.z
'
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. ,.
i ,.,,-
ora@U
.......-.~
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. . .. . . .? L. U.
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"
. . . . . . . . .. . ..
ANTI-TRUST
AND
Page 30
02/16/2007CLAIMS
Page
3030
of 45
Page
No.
of 45
BROUT&
ANTI-TRUST
AND
Page 31
of 45
02/16/2007CLAIMS
COMPANY
CERTICIED PUBLIC A C C O U N T A N T S
v E r 10'1
. LOS A N G Z L E S
W O R m l S V O l N . N d.
1900 A V E N U E O F T H E S T A R S
LOF. A N G E L E S .
213
Dear
7-i 3
CAL~FORN~A
90087
553-1941
'
E n c l o s e d i s ttie o r i g i n a l and o n e c o p y o f t h e County o f L o s A n g e l e s B u s i n e s s

S t a t e m e n t a s o f Marcti 1. 1982.
The o r i g i n a l s h o u l d b e s i g n e d b y you a n d p o s t m a r k e d o n or b e f o r e A p r i l 30. 1982.
Mail to:
County o f Los A n g e l e s
Office of t h e Assessor
dPFF.) 4
@A
9 /YO(
The d u p l i c a t e c o p y i s f o r y o u r f i l e .
Very t r u l y y o u r s ,
BROUT h COMPANY
Enclosures
Page
3131
of 45
Page
No.
of 45
From the &sk of

...
ANTI-TRUST
AND
Page 32
of 45
02/16/2007CLAIMS
ROBERT 0. ACKERMAN
519 CENTRAL AVE.
Page
3232
of 45
Page
No.
of 45
HIGHLAND PARK, IL 60035
(312)433-4500
ANTI-TRUST
AND
Page 33
of 45
02/16/2007CLAIMS
PLANNER'S SECURITIES
CONSULTING SERVICES
Planner's Securities Consulting Services offers the independence

and expertise to help the client:
1. Develop an INVESTMENT PLAN
2. Determine the criteria for selection of an INVESTMENT

MANAGER
3. Evaluate investment managers, presenting only

those who can meet investment plan's needs
4. Monitor these investment managers' performances
within customer set parameters
5. Monitor monthly detail reports

Our structured approach saves a plan's sponsor, trustees or
individuals time and effort and allows them to retain control over
asset management.
Page
3333
of 45
Page
No.
of 45
ANTI-TRUST
Page 34AND
02/16/2007CLAIMS
PTY.
~ ~ t ~ t f e e i s b a t e d o n t h e m a r k e t ~ ~ l o l u e
d the. account, hrdudlng tush. as shown on fhe lnltlal and

gUatW oppratsd a cutodlan bank octhrity 4
..Th;e maw
auement tee k d e t e c m i n e d - m tto the f o l m scheduk
.
S I . ~ ~ ~ X K K ) C ~ M O ~ ~ ~ ~ V O ~ ~
.85%onnext
..
-75%on next
.65% on nad
-6% on next
s i m m o f ~orketva~ue' .
'
~1.OObXXKJ
0f;MarketWil~e
s l ~ I . l O O C 4MarketValue
R X B ) I ~ E m R T m l m
(~axabieor Non TcKable)
5 of 1%of Maket Value
Fees are prepoyable quatecly. @ d e m g emay be &ed

allocated per ciient )nmuctlons
Page
3434
of 45
Page
No.
of 45
and
Name
.(
Address
INVESTMENT
MANAGER
ANTI-TRUST
AND
Page 35
of 45 INTELLUCUAL PROPERTY
Dataform
614 LANDIS AVENUE
i city/~tate/Zip
Ownership
VINELAND.
NEW JERSEY
e Feestructure
08360
800-257-7013
DONALD SULAM
SUZANNE GREENBERG
.JUNE 1 9 7 3
Date Founded
PARTNERSHIP
1 Affiliation
NONE
Minimum
Tax-Exempt
fi
c Account Size:
S100.000
Minimum
Fee:
Taxable
Tax-Exempt
$1.500
Taxable
SEE ATTACHED FEE SCHEDULE
z Manage:
Equity
Only
Capital Markets Used: Stock lxl

I
Real Estate
Equity
Asset Mix in All
jEqJy Accounts as of
Telephone
Contact
Name
Contact
Name
CUMBERLAND ADVISORS, PTY.
LITIGATION
02/16/2007CLAIMS
Mutual Funds Managed:
Balanced
Acwunts
Corporate
Bond
Fixed
Cash
Income [ia Management (7 Other: MUNICIPAL BONDS
Government
International
Bond
(7 Cash IXI
Securities
(7
Futures
Options
Max Equity
CD' S
Other:
100 %
Min. Equity
CUMBERLAND GROWTH FUND
- In-HouseCo-Mingled Funds: .
Special Services (check one):
Active
Passive
Minimum Account
Size (specify):
NIA
Bond lmmunization/Bond Dedication

Municipal Bonds
Socially Sensitive (if asked, will not invest in "sin" stocks)
Convertible Preferreds
-
Convertible Bonds
Government Bonds
INVESTMENT STYLE:
attach statement of investment philosophy and style for each type of management.
f
send a copy o f your current marketing piece, contract(s), ADV andfiscal report.
@ 1886 Richard SchlMMh h Awcdates. Ud.The lnlonnatbn providedhaiein la oblalned lrom the investment manager named herein
.ndPublkly lvailaMe .wroes and la bePsMd to be rdiaMe, bul ma mpwmbtlon or wananly is made w to ks accuracy or axnpleteness.
Page
3535
of 45
Page
No.
of 45
1 1 u v c 3I MEN I
Dataform
Name
MANAtikH
ANTI-TRUST
AND
Page 36
of 45
02/16/2007CLAIMS
Swanson C a p i t a l Management
Telephone
Contact
Address
4 6 0 0 Fashion Square Blvd. ~ t 109
e
& 111 Name
Contact
Cit~/State/Zi~ Saginaw, M I 48608
Name
Ownership
Incorporated
Affiliation
Minimum
Account Size:
None
Fee Structure
1%F~~~~
Taxable
$100.000
Stephen Swanson
Date Founded 1973
Tax-Exempt
$100,000
(517) 790-1291
Minimum
Fee:
Tax-Exempt
$1,000
Taxable
$1,000
In-HouseCo-Mingled Funds: 0
.
Active
El
Municipal Bonds
El
a
rn
rn
Convertible Bonds
Government Bonds
Minimum Account
Size (specify):
rn
NIA
Bond Immunization/Bond Dedication
Socially Sensitive (if asked, will not invest in "sin" stodts)
Passive
INVESTMENT STYLE:
Please a m h statement of investment philosophy and sty* for each
of manawment.
i nt"fe rend a m p y of your current marketing piece, wntract(s), ADV and f seal report.
d
01 s f l l c h d SChlmMh I ate^, M.Th. lnform6lbnpmvldad IwreIn b obtained fmm the inwamdnt mamger named herem
~ ~ ~ n W * ~ . . ~ b b e ~ t ~ b e r e ~ s b l e ~ b u l m ~ t l o n o r w ~ ~ k m & ~ t o ~ t s - ~ o r a m
Page
3636
of 45
Page
No.
of 45
INVESTMENT
MANAGER
ANTI-TRUST
AND
Page 37
of 45 INTELLUCUAL PROPERTY
LITIGATION
02/16/2007CLAIMS
Dataform
(818) 247-5330
Telephone
(213) 245- 7 4 6 1
Contact
Name
Richard A. Snyders
Contact
1 Name
Name
Van Deventer & Hoch

420 North Brand Boulevard, Suite 405
Address Glendale, CA 91203
cin//State/zip
Ownership
Date Founded
Chemical New York Cor~oration
Affiliation
Minimum
~ c c o u nSize:
t
Tax-Exempt
Taxable
$100,000
$100,000
1969
Minimum
Tax-Exempt
Fee:
(annual) $2.000
Taxable
$2,000
Feestructure 2% first $100,000; 1% next $200,000; 3/4% next $200,000:
2/3% all over $500,000

Manage:
Equity
Only
Capital Markets Used: Stock

Real Estate
Equity
Asset Mix in A l l
in/ Accounts as of
n/a
Mutual Funds Managed:
In-House Co-Mingled Funds:
Balanced
Accounts
Corporate
Bond
Fixed
Cash
Income
Management
Other:
Government
International
Bond
Cash [XI
Securities
Futures
Options
Max Equity
Other:
%
Min. Equity
none
none
Active
Passive
Minimum Account
Size (specify):
I3
Bond Irnmunization/Bond Dedication

Municipal Bonds
N/A
[7
Ed
I3
0
0
Socially Sensitive (if asked, will not invest in "sin" stocks)

rn
Convertible Bonds
El
Government Bonds
Ed
INVESTMENT STYLE:
ease attach statement of investment philosophy and style for ewh type of management.
M a copy of your current marketing piece, contractls), ADV and fiscal report.
a-
01986 Richud Schimarth &ksoda(es. m.~ h Infanutbn

s
prov~ed
m h is obtained fmm the lnvwtmnr manager named herem
."d
prblidy .MIlabb
wrcw mnd b
belle& to be rel&e.
bul37
mrepresentabon
a wanamy k made asSunday
to its accuracy
aampkrtemtss.
Stan J.
Caterbone
MORTGAGE
BANKING
Page
of
45
January
15, 2017
Page No. 37 of 45
Van Deuenier
81 Hoch
4.0 North Brand

Boulevard
~1enda.k.California 9120) 02/16/2007
(213)CLAIMS
247-5330/24;
ANTI-TRUST
AND
Page 38
Id
Investment Counsel
FEE SCHEDULE
Fees are charged QUARTERLY in advance using the following
W A L formula:
Portfolio
Value
Fee as a % of
portfolio Value
First
$100,000
2%
Next
$200,000
1%
Next
$200,000
3/4 9
Amounts
Over
$500,000
2/39
Examples of V A L Fees:
Portfolio
Value
I
I
I
i
I
Fee as a % of
portfolio Value
Annual
Fee
750,000
7,167
0.96
1,000,000
8,833
0.88
2,000,000
15,500
0.78
3,500,000
25,500
0.73
5,000,000
35,500
0.71
pINIMUM ANNUAL FEE:
$2,000 PER YEAR
Note: No start-up or termination charses
II
I
Page
3838
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 39
of 45
02/16/2007CLAIMS
..
.
.'
.'*
- -._%
- ----.-!---.;
=.L
L.1;
--.
-__
PENSION A N D PROFIT SHARING COLLECTIVE INVESTMENT FUND
REPORT O N EXAMINATIONS OF FINANCIAL STATEMENTS

for the years ended December 31, 1986 and 1985
Page
3939
of 45
Page
No.
of 45
ANTI-TRUST
Page 40AND
02/16/2007CLAIMS
To the Board of Directors

~ari-isburg,Pennsylvania
We have examined the statements of assets and liabilities
of the
Pension and Profit Sharing Collective Investment Fund
as of December 31. 1986 and 1985, including the portfolio of investments as of December 31, 1986, and the related statements of operations and changes in net assets for the years then ended. Our
examinations were made in accordance with generally accepted auditing standards and, accordingly, included confirmation of investments
held for the account of the fund by the custodians, and such tests of
the accounting records and such other auditing procedures as we considered necessary in the circumstances.
.In our opinion, the financial statements referred to above
present fairly the financial position of the
Pension and Profit Sharing Collective Investment Fund as of December 31, 1986 and
1985, and the results of its operations and the changes in its net
assets for the years then ended, in conformity with generally
accepted accounting principles applied on a consistent basis.
We have also previously examined. in accordance with generally accepted auditing standards. the financial statements of the
fund for each of the three years in the period ended December 31,
1984; and we expressed unqualified opinions on those financial statements.
In our opinion, the financial information set forth in Note 4
to the financial statements for each of the five years in the period
ended December 31, 1986, is fairly stated in all material respects
in relation to the financial statements from which it has been
derived.
March 19. 1987
Page
4040
of 45
Page
No.
of 45
,f&Q
L,76
',."-
I . . .
.. . , .
2 Media Group
Advanced
- ;...
-.:.-::r-
.?.-
'
?
ANTI-TRUST
Page 41AND
of
45 INTELLUCUAL
02/16/2007
PENSION
AND
P R O F I T S HPROPERTY
A R I N & ' " , . -LITIGATION
-&:%
;
I vCLAIMS
, - ! . ! : , 2 .:$?
.u:
COLLECTIVE INVESTMENT FUND
...
I
h
"//...,.
! .
... . _...
STATEMENTS O F A S S E T S AND L I A B I L I T I E S
December 31, 1986 and 1985
ASSETS:
Investments at value (cost

$126,174,490 and $125,472,567,
respectively)
Cash
Accrued interest and dividends
receivable
Total assets
LIABILITIES:
Income due participants for month
of December 1986, payable
January 1, 1987 at rate of
$.697 per unit and for month
of December 1985, payable
January 1, 1986 at rate of
S.800 per unit
Accrued expenses
Total liabilities
NET ASSETS
Net assets are represented by:
Funds applicable to 1,093,410 units
outstanding, equivalent to
$131.00 per unit in 1986,,and
to 1,174,423 units outstanding
equivalent to $121.81 per unit
in 1985:
Consisting of:
Amounts invested by
participating trusts
Accumulated gain on securities
sold o r redeemed
Unrealized appreciation
of investments
Excess of accumulated redemption
value of units redeemed
over participants' cost
Undistributed net investment
income
111,304,255
116,450,421
24,250,255
13,163,605
15,432,951
15,944,284
(7,778,196)
(2,520,983)
28,780
16,695
$143,238,045
$143,054,022
See accompanying notes to financial statements.

Page
4141
of 45
Page
No.
of 45
'
ANTI-TRUST
AND
Page 42
02/16/2007CLAIMS
THE VILLAGE OF OLDE HICKORY

VILLAGE SQUARE OF OLDE HICKORY
OLDE HICKORY RACQUET CLUB
BOYDfWILSON BUILDING
OREGON PIKE
MANHEIM TOWNSHIP
LANCASTER COUNTY, PENNSYLVANIA
for
BOYD/WILSoN COMPANY
MARY L. CLINTON
APPRAISAL ASSOCIATES, INC.
PRESIDENT
DATED:
SEPTEMBER 1, 1985
Page
4242
of 45
Page
No.
of 45
.,.
. ..,
.. . .. .-
ANTI-TRUST
AND
Page 43
02/16/2007CLAIMS
430 WEST CHESTNUT STREET
LANCASTER, PENNSYLVANIA 17603
October 2 3 , 1985
BoydfWilson Company
208 Oregon Pike
L a n c a s t e r , PA 17601
ATTN: Dale Witmer
RE:
The Olde Hickory Complex
Dear M r . Witmer:
I n accordance with your r e q u e s t , I have examined t h e above p r e m i s e s , c o n s i s t i n g
of a group of townhouses, 3.0 s t o r y e l e v a t o r garden apartment b u i l d i n g s , a l o c a l
shopping c e n t e r , ( 2 ) o f f i c e b u i l d i n g s , a r a c q u e t c l u b and miscellaneous improvements
i n c l u d i n g a swimming p o o l , a 30 a c r e g o l f c o u r s e and t e n n i s c o u r t s l o c a t e d on
approximately 100 a c r e s of l a n d i n Manheim Township, L a n c a s t e r County, Pennsylvania.
The purpose of my examination and s t u d y i s t o v a l u e t h e premises i n t h e c u r r e n t
market .
I n a r r i v i n g a t my v a l u a t i o n , I have among o t h e r f a c t o r s c o n s i d e r e d t h e following:
(1)
Location Trends. The V i l l a g e of Olde Hickory and t h e surrounding developing

a r e a i s an a t t r a c t i v e r e s i d e n t i a l d i s t r i c t . I am o f t h e o p i n i o n t h a t i t
w i l l maintain i t s p r e s e n t s t a t u s o r g r a d u l l y improve.
(2)
I e s t i m a t e t h e e s t a b l i s h e d Net Income imputable t o a l l t h e f r a c t i o n s of t h e

V i l l a g e of Olde Hickory a t $1,324,333 p e r annum.
(3)
C a p i t a l i z e d Value f o r both income flows which computes a t $13,000,000

per annum. T h i s i s p r e d i c a t e d upon t h e t o t a l e a r n i n g s o f $1,324.333 p e r
annum c a p i t a l i z e d a t an o v e r a l l r a t e of 10.14%.
I n my o p i n i o n , t h e market v a l u e of t h e premises i n t h e c u r r e n t market is:

THIRTEEN MILLION DOLLARS
I n l i g h t of t h e s e c o n s i d e r a t i o n s and o t h e r f a c t o r s s e t f o r t h i n my a p p r a i s a l r e p o r t
which f o l l o w s , I have a r r i v e d a t t h e aforementioned v a l u a t i o n .
Respectfully submitted,
linton
L. CMORTGAGE
Stan J. Mary
Caterbone
BANKING
president
Page
4343
of 45
Page
No.
of 45
ANTI-TRUST
AND
Page 44
02/16/2007CLAIMS
INCOME APPROACH
VILLAGE OF OLDE HICKORY:
DEFINITION: T h i s approach d e a l s with t h e p r e s e n t worth and f u t u r e p o t e n t i a l

b e n e f i t s of t h e p r o p e r t y . This i s g e n e r a l l y measured by t h e n e t income which
a f u l l y informed person i s warranted i n assuming t h e p r o p e r t y w i l l produce d u r i n g
t h e remaining u s e f u l l i f e . A f t e r comparison with investments of s i m i l a r t y p e and
c l a s s , t h e n e t income i s c a p i t a l i z e d i n t o a value e s t i m a t e .
The g r o s s and n e t income g e n e r a t e d by t h e c u r r e n t r e n t s f o r t h e y e a r 1985 a r e
d i v i d e d as f o l l o w s :
Residential
Commercial Income
Golf & Swimming
Annual Gross Income
Annual Net Income
$2,224,766
$1,072,465
275,714
204,182
93,310
(11,870)
Racquet Club
Total
(Expense r a t i o i s 52% of g r o s s ( i n c l u d i n g vacancy & bad debt allowance).
The r e s i d e n t i a l income o f $2,224,766 p e r annum averages $89.31 p e r room p e r month.

The l e a s e s have a 1 y e a r term with t e n a n t s absorbing a l l o f t h e i r e l e c t r i c a l charges
which i n c l u d e s e l e c t r i c h e a t i n g , a i r c o n d i t i o n i n g and h o t w a t e r .
Management e x p e c t s a t u r n o v e r of 30% t o 35% i n t h e r e s i d e n t i a l u n i t s d u r i n g 1985.
This would i n c r e a s e t h e r e n t r o l l m a t e r i a l l y a s shown on t h e following s c h e d u l e o f
Monthly Rates e f f e c t i v e September 1, 1985.
A 3% allowance f o r vacancy and bad d e b t s was considered a p p r o p r i a t e due t o t h e f a c t

t h a t t h e r e i s g e n e r a l l y a w a i t i n g l i s t f o r new c o n t r a c t s .
COMMERCIAL RENTALS:
Rentals f o r t h e shopping c e n t e r , t h e f o u r o f f i c e s i n t h e former s t o n e farmhouse and
3 r e t a i l and o f f i c e u n i t s i n t h e Boyd/Wilson Building aggregates $275,714 p e r annum
( s e e schedule of b a s e r e n t a l s ) . A 5% vacancy and bad debt d e d u c t i o n appears a p p r o p r i
based on p a s t h i s t o r i c a l r e c o r d s .
The r e n t a l o f f i c e ( U n i t 6 ) does n o t c o n t r i b u t e any r e n t . I have a p p l i e d a r e n t a l o f
$6.75 p e r s q . i t . which i s i n t h e lower h a l f of t h e r e n t r o l l range which computes
I
1
t o $9,072 annually.
The income from t h e Golf and Swim Club which we have taken from t h e l a s t s t a t e m e n t
of e a r n i n g s i s $93,310 p e r annum and m i s c e l l a e o u s income approximates $5,000 p e r y e a r
CHESTNUT
Stan J. Caterbone
Page
4444
of 45
January 15,
2017
x P P a SMORTGAGE
a 1 ~ S S O CBANKING
S . ~ S 430 WEST
STREET, IANCASTER,Sunday
PENNSYLVANIA
116m
Page
No.
of 45
ANTI-TRUST
AND
Page 45
02/16/2007CLAIMS
June 15, 1987

Mr. Stanley Caterbone
FINANCIAL MANAGEMENT GROUP LTD
1755 Oregon Pike
Lancaster, Pennsylvania 17601
Dear Stan:
It was good speaking with you - - at last - - after our message
go round. Enclosed are the materials you requested. I expect that
this should reach you by Wednesday.
As I indicated to you, Hunterdon County is the area I have tareeted
for development in New Jersey. InteretaLc 78 was completed this
year and tied Hunterdon County into a 25-35 minute commute to many
major corporate centers in New Jersey, i.e. Morristown. Princeton
and New Brunswick. After completing a survey of the area, I am
satisfied with the resulting information. I have been dealing with
local brbkers with a view towards locating both residential and
commercial sites for development, several properties are under negotiation
at this time. These projected investments are well leveraged and
offer impressive cash-on-cash returns.
I look forward to discussing these opportunities with you.
SW:wc
Enclosures
Via Express Mali

1 2 0
C O U N T Y
R O A D
Page
4545
of 45
Page
No.
of 45
I E N A F

N l
O I h 7 O
2 0 1
5 6 8 h 8 7 5

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Institutional Investors of America, Inc.

January 20, 1987

Mr. Stan Caterbone

CAYIW I-. co.

In reference to the above captioned subject, enclosed

Stan J. Caterbone MORTGAGE BANKING Page

Sunday January 15, 2017

Advanced Media Group

Fived Rates a l s o available a t 325 basis pints wer c

Similar terns available f o r m i n i wx&mses,

hotels, mobile home parks, nursing

and covered construction

loans are also

W e are a r n m t l y seeking t o plrchase $500 million in

Sunday January 15, 2017

Advanced Media Group

CYWTER BUSINESS PlAN

Stan J. Caterbone MORTGAGE BANKING

Sunday January 15, 2017

Advanced Media Group

Firrancia. Securities, Inc.

............... .?he Broker Dealer

..The Registered Investment Advisor

.......The Insumme Agency

Financial Savims Insurance Agemy

Financial tbrtqages Services, Inc. ........?he

Financial PlarPling &msultants, Inc. ......We

Mortgage Bmkmqe Firm

mmTE FmG (In Hause)

........................Redl Estate Services

O'my ti smith .............................Legal

Counsel for Business

.........Legal cavrsel for Estate Planning

Stan J. Caterbone MORTGAGE BANKING

Sunday January 15, 2017

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243 NORTH DUKE STREET

805 WEST MAIN STREET

August 22, 1986

MOUNT JOY. PA 17552

~ r o f e s s i o n a ls e r v i c e s r e : F i n a n c i a l Management Group. L t d . . and

Stan J. Caterbone MORTGAGE BANKING

Sunday January 15, 2017

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T h i s follows up o n o u r 17 F e b r u a r y meeting a b o u t 112ortgage

Stan J. Caterbone MORTGAGE BANKING

Sunday January 15, 2017

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FBI Pro.bes Kugel

Owen Kugel, whose rev~taliration succea in domtom

lancaster helpcd him land

seven states, is bein inverti.

Bald by, t k , ~ e d e r a fBureau

are looking into the matter to

Daniel Womiak, a senior FRI

Stan J. Caterbone MORTGAGE BANKING

know how the FBI got in.

Pence said the investiga.

Sunday January 15, 2017

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22nd & Boardwalk

According t o r e c e n t demographic s t u d i e s , t h e number o f a f f l u e n t

Stan J. Caterbone MORTGAGE BANKING