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EXHIBIT 2.4
ESCROW AGREEMENT
THIS AGREEMENT, made and entered into this 13th day of July, 1995, by
and among CHANNEL AMERICA TELEVISION NETWORK, INC., a Delaware corporation
("Company"), having offices located in Darien, Connecticut, EVRO CORPORATION, a
Florida corporation ("Purchaser"), with its principal place of business located
in Tampa, Florida, and SCOLARO, SHULMAN, ▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, P.C., a New
York professional corporation ("Escrow Agent"), with its principal place of
business located in Syracuse, New York, and ▇▇▇▇▇ ▇. Post, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ("Key Stockholders"), individually and/or in their capacities as
representatives of the parties reflected in Schedule I of the Agreement as
defined in Paragraph "1" below.
1. Purposes.
(a) The parties hereto have entered into, or agreed to be
bound by, a certain Agreement entitled the "AGREEMENT AND PLAN OF MERGER"
("Agreement") pursuant to which common stock of Purchaser is ultimately being
exchanged and/or transferred to stockholders of the Company.
(b) Pursuant to the Agreement, the parties have agreed that
the Escrow Agent shall hold in its possession certain "Escrow Items", as that
term is defined herein, until such time as the Escrow Agent in accordance with
the provisions of Paragraph "4" of this Agreement is deemed to be authorized to
deliver the Escrow Items to the appropriate parties.
2. Escrow Agent. The parties hereto hereby appoint and designate
the law firm of SCOLARO, SHULMAN, ▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, P.C., as the Escrow
Agent under this Agreement; and SCOLARO, SHULMAN, ▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇,
P.C., hereby accepts its designation as Escrow Agent hereunder.
3. Deposit of Escrow Documents.
(a) By Purchaser. Purchaser shall, within five (5)
business days following the execution of the Agreement, deposit with the Escrow
Agent for the benefit of the Company, the following documents ("Purchaser
Escrow Items"):
(i) Six Hundred Thousand Dollars ($600,000.00) in
cash plus a $400,000.00 promissory note bearing simple interest at the rate of
eight percent (8%) per annum which is due and payable six (6) months from the
date the Agreement is executed.
(ii) Notwithstanding the provisions of Subparagraph
(i) above, or the Agreement, if the Escrow Agent receives certification from
the Company that an aggregate seventy-
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five percent (75%) of its noteholders and preferred shareholders, more fully
described in Exhibit "B" of this Escrow Agreement, have agreed to convert their
notes and preferred shares into voting restricted common stock of the Company,
the Escrow Agent is hereby authorized and directed to advance up to Two Hundred
Thousand Dollars ($200,000.00) of the Six Hundred Thousand Dollar ($600,000.00)
cash deposit to Company following the execution of this Escrow Agreement, the
Agreement, and the Stock Purchase Agreement referred to in Paragraph (4) below,
by ▇▇▇▇▇ ▇. Post, Chairman, for the Company and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, President and
CEO, for Evro Corporation and Evro Network, Inc. Such advance shall be
evidenced by a Promissory Note bearing simple interest at a rate of eight
percent (8%) per annum which is due and payable by Company upon termination of
this Escrow Agreement, in which event (A) the note shall be treated as a credit
against the payment of the Six Hundred Thousand Dollar ($600,000.00) required
by the Agreement or (B) an amount of cash or other marketable securities in an
amount equal to the principal plus interest shall be returned to the Escrow
Agent.
(iii) ___________ shares of the Purchaser's Series H
convertible preferred stock which upon conversion into the Purchaser's common
stock shall be equal to Eight Million Dollars ($8,000,000.00) worth of the
Purchaser's restricted common stock as required by the Agreement.
(iv) Following shareholder approval of the
transaction contemplated herein, duly authorized and executed Certificates of
Merger for the States of Florida and Delaware, for Company to merge into EVRO
NETWORK, INC., a wholly owned subsidiary of Purchaser.
(b) By Key Stockholders. The Key Stockholders, as defined
in the Agreement, shall within fifteen (15) business days following the
execution of the Agreement, deposit with the Escrow Agent for the benefit of
Purchaser, all of the voting common stock of Company that they own as more
fully described in Exhibit "A" of this Escrow Agreement.
(c) By Company. Company shall, within five (5) business
days following the execution of the Agreement, deposit with the Escrow Agent
for the benefit of Purchaser, the following documents ("Company Escrow Items"):
(i) Certification that an aggregate of seventy-five
percent (75%) of its note holders and preferred shareholders, more fully
described in Exhibit "B" of this Escrow Agreement, have agreed to convert their
notes and preferred shares into voting restricted common stock of Company; and
(ii) Following shareholder approval of the
transaction contemplated herein, duly authorized and executed Certificates of
Merger, for the States of Florida and Delaware, for Company to merge into EVRO
NETWORK, INC., a wholly owned subsidiary of Purchaser.
(d) Subsequent Delivery by Company. Company shall, prior
to escrow being terminated, deliver to the Escrow Agent certification that an
aggregate of ninety percent (90%) of
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its note holders and preferred shareholders, more fully described in Exhibit
"B" of this Escrow Agreement, have agreed to convert their notes and preferred
shares into voting restricted common stock of the Company.
4. Delivery of Escrow Documents.
(a) The Escrow Agent shall hold Purchaser and Company
Escrow Items in its possession until either (i) it receives written
notification from all parties to the Agreement to deliver Purchaser and Company
Escrow Items to the appropriate parties; or (ii) all of the terms and
conditions of a certain Stock Purchase Agreement by and between Company and
Purchaser, dated the 13th day of July, 1995 have been satisfied.
(b) Notwithstanding anything to the contrary contained
herein, the Escrow Agent is hereby authorized and directed to pay out of the
escrowed cash, at closing of the merger, the minimum fee of One Hundred Fifty
Thousand Dollars ($150,000.00) to ▇▇▇▇▇▇▇▇▇ & Company, Inc. pursuant to
Subparagraph (i) of Article VI of the Agreement and the payment due and payable
to ▇▇▇▇▇ ▇. Post from Company of One Hundred Fifty Thousand Dollars
($150,000.00) with the balance of the escrowed funds thereafter to be released
to Company.
5. Liability of Escrow Agent. The Escrow Agent shall be obligated
only for the performance of such duties as are specifically set forth herein
and may rely and shall be protected in acting or retraining from action on any
instrument or signature believed by it to be genuine and to have been signed or
presented by the proper party or Parties duly authorized to do so. The Escrow
Agent shall have no responsibility for the contents of any writing contemplated
herein and may rely without liability upon the contents thereof. The Escrow
Agent shall not be liable for any obligation taken or omitted by it in good
faith and believed by it to be authorized hereby, nor for action taken or
omitted by it in accordance with advice of counsel, and shall not be liable for
any mistake of fact or error of judgment or for any acts or omissions of any
kind unless caused by willful misconduct or gross negligence. Each party
agrees to indemnify the Escrow Agent and hold it harmless against any and all
liabilities incurred by it hereunder as a consequence of such party's action,
and the parties agree jointly to indemnify the Escrow Agent and hold it
harmless against any and all liabilities incurred by it hereunder which are not
a consequence of any party's action, except in either case for the Escrow
Agent's own willful misconduct or gross negligence.
6. Dispute. It is understood and agreed that if any dispute arises
with respect to the delivery of the Escrow Documents, the written notices to be
delivered to the Escrow Agent or the duties of the Escrow Agent hereunder, the
Escrow Agent, at its sole option, is authorized to retain in its possession,
without liability to anyone, all or any part of the Escrow Documents until such
dispute shall have been settled, either by mutual agreement of the parties
concerned (evidenced by appropriate instructions in writing to the Escrow
Agent, signed by all of the parties), or by a final order, decree, or judgment
of a court of competent jurisdiction in the State of New York (the time for
appeal having expired and no appeal being perfected), all costs and expenses of
which shall be
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paid by the parties, but the Escrow Agent shall be under no duty whatsoever to
institute or defend any such proceeding.
7. Notices. Any notice or other communication required to be given
under this Agreement shall be given in writing and delivered personally, or by
fax, or if by mail, by either certified or registered mail, return receipt
requested, to the parties at their last known mailing addresses. Notice shall
be deemed given if personally served, or if by fax on the date of its actual
receipt and, if given by certified or registered mail, on the date of its
mailing.
8. Benefit. This Agreement shall be binding upon and shall inure
to the benefit of the legal representatives, heirs, assigns and successors of
the respective parties.
9. Modification. This Agreement may not be altered or modified
without the express written consent of the parties.
10. Signatures. This Agreement and any modifications to it may be
executed by the exchange of facsimile signatures, which shall be deemed as
original signatures, and it may be executed in counterparts.
The foregoing is established by the following signatures of the parties.
CHANNEL AMERICA TELEVISION NETWORK, INC.
By: /s/ ▇▇▇▇▇ ▇. Post
-----------------------------------------
▇▇▇▇▇ ▇. Post, Chairman
/s/ ▇▇▇▇▇ ▇. Post
-----------------------------------------
▇▇▇▇▇ ▇. Post, Key Stockholder
-----------------------------------------
▇▇▇▇▇ ▇▇▇▇▇▇, Key Stockholder
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Key Stockholder
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇▇▇, Key Stockholder
/s/ ▇. ▇. ▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇▇▇▇, Key Stockholder
----------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇, Key Stockholder
----------------------------------------------------------
▇▇▇▇▇ ▇▇▇▇▇▇▇, Key Stockholder
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
----------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Key Stockholder
EVRO CORPORATION
By: /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇
------------------------------------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇, President and Chief Executive Officer
SCOLARO, SHULMAN, ▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, P.C.
------------------------------------------------------
By: /s/▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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SCHEDULE I
▇▇▇▇▇ ▇▇▇▇▇▇ - For 1) ▇▇▇▇▇▇▇ Equities, 2) Hilltop Partners, L.P., 3) Haussmann
Holdings, N.V., 4) Grosvenor Multi- Strategy Fund
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ - For The ▇▇▇▇▇▇▇ ▇▇▇▇▇ Company
▇▇▇▇▇▇ ▇▇▇▇▇▇ - For 1) ▇▇▇▇▇▇ ▇▇▇▇▇▇, 2) Walnut Capital Corp., 3) Windy City
Communications, 4) Holding Company
▇▇▇▇▇▇▇▇ ▇▇▇▇ - For 1) ▇▇-▇▇▇ Pension Plan, 2) ▇▇-▇▇▇ Pension Plan and Trust,
3) ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇, 4) ▇▇▇ Group, Inc., 5) KAM Consulting, 6) ▇▇▇▇▇▇
▇▇▇▇ as Custodian for ▇▇▇▇▇▇▇ ▇▇▇▇, 6) ▇▇▇▇▇▇ ▇▇▇▇ as Custodian for ▇▇▇▇▇▇▇▇
▇▇▇▇, 7) Fish Funding
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ - For 1) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ ▇. Perlmouth Trustees u/w
▇▇▇▇ ▇. ▇▇▇▇ Trust f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Children, 2) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ &
▇▇▇▇▇▇▇ ▇. Perlmouth Trustees u/w ▇▇▇▇ ▇. ▇▇▇▇ Trust f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, 3)
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ ▇. Perlmouth Trustees u/w ▇▇▇▇ ▇. ▇▇▇▇ Trust f/b/o
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, 4) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ ▇. Perlmouth Trustees u/w
▇▇▇▇ ▇. ▇▇▇▇ Trust ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇., 5) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ ▇.
Perlmouth Trustees u/a f/b/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Children, 6) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ &
▇▇▇▇▇▇▇ ▇. Perlmouth u/a f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Children, 7) ▇▇▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇, 8) ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇ - For 1) ▇▇▇▇▇▇ ▇▇▇▇▇, 2) Inversiones Globals, S.A.
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STOCK/695 EXHBIT A
ESCROW AGREEMENT
KEY SHAREHOLDERS COMMON STOCK
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
INVESTOR POST ▇▇▇▇▇▇ (1) ▇▇▇▇▇▇▇ (1) KANTER (1)
-------- ---- ---------- ----------- ----------
Outstanding- 6/95 318,268 27,103 226,667 205,298
Conversion of Debt & Preferred Stock 411,189 4,794,215 1,161,491 1,649,895
--------------------------------------------------------------------
Total - When Converted 729,457 4,821,318 1,388,158 1,855,193
====================================================================
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
INVESTOR PACE (1) WHITE (1) ▇▇▇▇▇▇▇ (1) KEMPNER (1) TOTAL
-------- -------- --------- ----------- ----------- -----
Outstanding- 6/95 167,617 730,267 155,923 70,902 1,902,045
Conversion of Debt & Preferred Stock 1,094,035 26,524 410,934 6,089,537 15,637,820
---------------------------------------------------------------------
Total - When Converted 1,261,652 756,791 566,857 6,160,439 17,539,865
=====================================================================
(1) - Representing themselves and/or other entities
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SCHEDULE B
NOTE HOLDERS AND PREFERRED SHAREHOLDERS
TOTAL DUE
SCHEDULE TYPE OF DEBT 6/30/95
-------- ------------ -------
B1 SENIOR CONVERTIBLE DEBENTURES $1,353,946
B2 SENIOR DEBENTURES - '94 318,507
B3 FIXED RATE NOTES PAYABLE 608,181
B4 PREFERRED STOCK PLUS DIVIDENDS 1,398,060
B5 SUBORDINATED NOTES 2,932,834
B6 OTHER NOTES PAYABLE
SERIES 1 & 2 DEBENTURES - INTEREST DUE 1,157,005
----------
$7,768,533
==========
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SCHEDULE B
SCHEDULE B1
SENIOR CONVERTIBLE DEBENTURES
Principal Interest Total
Noteholder Amount Total Due
---------- ------ ----- ---
Loeb Trusts - 10/26/93:
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ $ 250,000 $ 21,010 $ 271,010
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 75,000 6,303 81,303
f/b/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Children 50,000 4,202 54,202
f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. 75,000 6,303 81,303
f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. Children 50,000 4,202 54,202
▇▇▇▇▇▇▇ Equities (▇▇▇▇▇▇) - 10/28/93 215,000 18,010 233,010
Hilltop Partners, ▇▇▇▇▇▇ - 10/28/93 250,000 20,942 270,942
Haussman Holdings, N.V., ▇▇▇▇▇▇ - 10/28/93 25,000 2,094 27,094
Grosvenor Multi-Strategy Fund,L.P., ▇▇▇▇▇▇ - 10/28/93 10,000 838 10,838
▇▇▇▇▇▇▇ ▇▇▇▇▇ Company - 11/5/93 125,000 10,334 135,334
Walnut Capital Corp. - 12/02/93 62,500 4,936 67,436
▇. ▇▇▇▇ Cust, ▇▇▇▇▇▇▇ ▇▇▇▇ - 12/21/93 31,250 2,386 33,636
▇. ▇▇▇▇ Cust, ▇▇▇▇▇▇▇ ▇▇▇▇ - 12/21/93 31,250 2,386 33,636
------------------------------------------
$1,250,000 $103,946 $1,353,946
==========================================
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SCHEDULE B
SCHEDULE B2
SENIOR DEBENTURES - '94
Principal Total
Noteholder Amount Interest Due
---------- ------ -------- ---
Loeb Trusts, various - 9/94-1/95 (1) $200,000 $12,826 $212,826
Walnut Capital - ▇▇▇▇▇▇ ▇▇▇▇▇▇ - 11-12/94 50,000 2,834 52,834
▇▇▇▇ ▇▇▇▇▇▇▇ - 11/94 20,000 1,285 21,285
▇▇▇▇▇▇▇ ▇▇▇▇▇ Company - 12/94 25,000 1,312 26,312
▇▇▇▇▇▇ ▇▇▇▇▇ 5,000 250 5,250
---------------------------------------
Totals $300,000 $18,507 $318,507
=======================================
Loeb Trusts - 10/26/93:
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 100,000 $ 6,412 $106,412
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 30,000 1,924 31,924
f/b/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Children 20,000 1,283 21,283
f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. 30,000 1,924 31,924
f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. Children 20,000 1,283 21,283
---------------------------------------
$200,000 $12,826 $212,826
=======================================
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SCHEDULE B
SCHEDULE B3
FIXED RATE NOTES PAYABLE
LIENHOLDER
---------- Principal Total
DEBT HOLDER CONTACT NAME Amount Interest Due
----------- ------------ ------ -------- ---
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ $ 22,500 $ 1,688 $ 24,188
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 22,500 1,688 24,188
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 45,000 3,375 48,375
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇, ▇▇. Loeb, Jr. ▇▇▇▇ ▇. 22,500 1,688 24,188
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 45,000 3,375 48,375
▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 5,111 398 5,509
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 20,443 1,590 22,033
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 10,222 795 11,017
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ H. 8,086 629 8,715
▇▇▇▇▇▇ ▇.▇. 7,946 618 8,564
Southwest Electronix Supply P.P. & Trust ▇▇▇▇▇▇ ▇.▇. 100 8 108
Wilbron ▇▇▇▇ ▇. 8,086 629 8,715
▇▇▇▇▇ ▇▇▇▇▇▇ L. 11,998 900 12,898
De Monchy Katlean 19,197 1,440 20,637
▇▇▇▇▇▇ ▇▇▇▇ 23,996 1,800 25,796
▇▇▇▇, DMD ▇▇▇▇▇▇ 11,998 900 12,898
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 47,992 3,600 51,592
▇▇▇▇▇ ▇▇▇▇▇▇ J. 11,998 900 12,898
Equilease Corporation ▇▇▇▇▇▇ ▇▇▇▇ 47,992 3,600 51,592
▇▇-▇▇▇ Assoc. Pension Plan ▇▇▇▇ ▇▇▇▇▇▇▇▇ 47,992 3,600 51,592
▇▇-▇▇▇ Assoc. Pension Plan & Trust ▇▇▇▇ ▇▇▇▇▇▇▇▇ 11,998 900 12,898
Post ▇▇▇▇▇ 24,959 1,872 26,831
HAP Trusts Partnership ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ E. 23,996 1,800 25,796
▇▇▇▇▇ ▇▇▇▇ J. 23,996 1,800 25,796
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 3,957 297 4,254
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ 3,957 297 4,254
------------------------------
TOTAL FIXED RATE NOTES PAYABLE - ORIGINAL $533,520 $40,187 $573,707
==============================
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 1,125 84 1,209
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 1,125 84 1,209
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 2,250 169 2,419
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇, ▇▇. Loeb, Jr. ▇▇▇▇ ▇. 1,125 84 1,209
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 2,250 169 2,419
▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 715 54 769
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 2,859 214 3,073
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 1,430 108 1,538
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ H. 1,130 85 1,215
▇▇▇▇▇▇ ▇.▇. 1,111 83 1,194
Southwest Electronix Supply P.P. & Trust ▇▇▇▇▇▇ ▇.▇. 14 1 15
Wilbron ▇▇▇▇ ▇. 1,130 85 1,215
▇▇▇▇▇ ▇▇▇▇▇▇ L. 600 45 645
De Monchy Katlean 960 72 1,032
▇▇▇▇▇▇ ▇▇▇▇ 1,200 90 1,290
▇▇▇▇, DMD ▇▇▇▇▇▇ 600 45 645
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 2,400 180 2,580
▇▇▇▇▇ ▇▇▇▇▇▇ J. 600 45 645
Equilease Corporation ▇▇▇▇▇▇ ▇▇▇▇ 2,400 180 2,580
▇▇-▇▇▇ Assoc. Pension Plan ▇▇▇▇ ▇▇▇▇▇▇▇▇ 2,400 180 2,580
▇▇-▇▇▇ Assoc. Pension Plan & Trust ▇▇▇▇ ▇▇▇▇▇▇▇▇ 600 45 645
Post ▇▇▇▇▇ 1,248 94 1,342
HAP Trusts Partnership ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ E. 1,200 90 1,290
▇▇▇▇▇ ▇▇▇▇ J. 1,200 90 1,290
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 198 15 213
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ 198 15 213
------------------------------
TOTAL FIXED RATE NOTES PAYABLE - IN LIEU OF INTEREST $ 32,068 $ 2,406 $ 34,474
TOTAL FIXED RATE NOTES PAYABLE $565,588 $42,593 $608,181
==============================
11
12
SCHEDULE B
SCHEDULE B4
PREFERRED STOCK
LIENHOLDER
----------
DEBT HOLDER Pref Share
----------- CONTACT NAME # Of Shares Value
------------- ----------- -----
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 4,905 $ 49,050
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 4,905 49,050
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 9,810 98,100
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇ ▇. ▇▇▇▇, ▇▇. ▇▇▇▇, Jr. ▇▇▇▇ ▇. 4,905 49,050
▇▇▇▇ ▇. ▇▇▇▇ Trust u/w f/b/o ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 9,810 98,100
▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 3,117 31,170
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 12,465 124,650
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 6,232 62,320
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ H. 4,930 49,300
▇▇▇▇▇▇ ▇.▇. 4,843 48,430
Southwest Electronix Supply P.P. & Trust ▇▇▇▇▇▇ ▇.▇. 61 610
Wilbron ▇▇▇▇ ▇. 4,930 49,300
▇▇▇▇▇ ▇▇▇▇▇▇ L. 2,616 26,160
De Monchy Katlean 4,184 41,840
▇▇▇▇▇▇ ▇▇▇▇ 5,231 52,310
▇▇▇▇, DMD ▇▇▇▇▇▇ 2,616 26,160
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 10,462 104,620
▇▇▇▇▇ ▇▇▇▇▇▇ J. 2,616 26,160
Equilease Corporation ▇▇▇▇▇▇ ▇▇▇▇ 10,462 104,620
▇▇-▇▇▇ Assoc. Pension Plan ▇▇▇▇ ▇▇▇▇▇▇▇▇ 10,462 104,620
▇▇-▇▇▇ Assoc. Pension Plan & Trust ▇▇▇▇ ▇▇▇▇▇▇▇▇ 2,616 26,160
Post ▇▇▇▇▇ 5,442 54,420
HAP Trusts Partnership ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ E. 5,231 52,310
▇▇▇▇▇ ▇▇▇▇ J. 5,231 52,310
Windy City Communications, Inc. ▇▇▇▇▇▇ ▇▇▇▇ 862 8,620
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ 862 8,620
------- ----------
TOTAL FIXED RATE, SECURED DEBT- ORIGINAL
139,806 $1,398,060
======= ==========
12
13
SCHEDULE B
SCHEDULE B5
SUBORDINATED NOTES
12/31/94
Principal Interest Total
DEBT HOLDER CONTACT NAME With Interest 1-6/95 Due
----------- ------------- ------------- ------- ---
▇▇▇▇▇, MD ▇▇▇▇▇▇ $ 19,188 $ 960 $ 20,148
▇▇▇▇▇▇ ▇▇▇▇▇ M.D. P.A. Pension Trust Plan ▇▇▇▇▇, MD ▇▇▇▇▇▇ 19,188 960 20,148
▇▇▇▇▇▇ ▇▇▇▇▇ M.D. P.A. Profit Sharing Plan ▇▇▇▇▇, MD ▇▇▇▇▇▇ 19,188 960 20,148
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 39,370 1,970 41,340
▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 39,370 1,970 41,340
▇▇▇▇▇ ▇▇▇▇▇▇ L. 39,370 1,970 41,340
Fields ▇▇▇▇ ▇. 19,684 980 20,664
▇▇▇▇▇▇ ▇▇▇▇ D.M.D. P.C. Pension Plan ▇▇▇▇, DMD ▇▇▇▇▇▇ 78,740 3,940 82,680
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ H. 78,740 3,940 82,680
Hilltop Partners ▇▇▇▇▇▇ ▇▇▇▇▇ 78,740 3,940 82,680
▇▇▇▇▇▇▇ Equities ▇▇▇▇▇▇ ▇▇▇▇▇ 67,716 3,390 71,106
Grosvenor Multi-Strategy Fund ▇▇▇▇▇▇ ▇▇▇▇▇ 3,150 160 3,310
Haussmann Holdings ▇▇▇▇▇▇ ▇▇▇▇▇ 7,875 390 8,265
Walnut Capital Corp. ▇▇▇▇▇ ▇▇▇▇▇▇▇ 202,696 10,130 212,826
▇▇▇▇▇ ▇▇▇▇▇▇ J. 78,740 3,940 82,680
▇. ▇▇▇▇▇▇▇, ▇. ▇▇▇▇▇▇▇▇ TRS U/W ▇▇▇▇▇▇▇ ▇▇▇▇ L. 118,074 5,900 123,974
Pinpoint Partners I ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L. 39,370 1,970 41,340
▇. ▇▇▇▇▇▇▇, ▇. ▇▇▇▇▇▇▇▇ TRS U/W ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L. 39,370 1,970 41,340
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ P. 118,074 5,900 123,974
Post ▇▇▇▇▇▇▇ 39,370 1,970 41,340
▇▇▇▇ L. ▇▇▇▇ 19,690 980 20,670
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ H. 59,036 2,950 61,986
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ O. 23,615 1,180 24,795
▇▇▇▇▇▇▇ ▇▇▇▇ R. 29,528 1,480 31,008
Gasco ▇▇▇▇▇▇ ▇▇▇▇▇ 19,690 980 20,670
de Monchy Katlean 78,740 3,940 82,680
▇▇▇▇▇▇ ▇▇▇▇▇▇ R. 39,370 1,970 41,340
Fields ▇▇▇▇ ▇. 39,370 1,970 41,340
▇▇▇▇ ▇▇▇▇▇▇ 39,370 1,970 41,340
▇. ▇▇▇▇ DMD P.C. Pension Plan ▇▇▇▇ ▇▇▇▇▇▇ 39,370 1,970 41,340
Hilltop Partners ▇▇▇▇▇▇ ▇▇▇▇▇ 118,100 5,910 124,010
▇▇▇▇▇▇▇ Equities ▇▇▇▇▇▇ ▇▇▇▇▇ 101,574 5,080 106,654
Grosvenor Multi-Strategy Fund ▇▇▇▇▇▇ ▇▇▇▇▇ 4,636 230 4,866
Haussmann Holdings ▇▇▇▇▇▇ ▇▇▇▇▇ 11,812 590 12,402
▇▇▇▇ ▇▇▇▇▇▇▇ 39,370 1,970 41,340
c/▇ ▇▇▇▇▇ Capital Management ▇▇▇▇▇▇ ▇▇▇▇▇▇ E. 78,715 3,940 82,655
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 39,370 1,970 41,340
Walnut Capital Corp ▇▇▇▇▇ ▇▇▇▇▇▇▇ 118,074 5,900 123,974
▇. ▇▇▇▇▇▇▇, ▇. ▇▇▇▇▇▇▇▇ TRS U/W ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L. 39,370 1,970 41,340
▇. ▇▇▇▇▇▇▇, ▇. ▇▇▇▇▇▇▇▇ TRS U/W ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L. 39,370 1,970 41,340
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ P. 39,370 1,970 41,340
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ P. 78,715 3,940 82,655
▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ 78,715 3,940 82,655
Post ▇▇▇▇▇▇▇ 78,715 3,940 82,655
▇▇▇▇▇ ▇▇▇▇▇▇▇ Descendants' Trust Partners. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ E. 157,348 7,870 165,218
Letco Inc Money Purchase Plan ▇▇▇▇▇ ▇▇▇▇▇ 39,370 1,970 41,340
Logistixs, Inc. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 157,348 7,870 165,218
▇▇▇▇▇ ▇. ▇▇▇▇▇- Revocable Living Trust ▇▇▇▇▇ ▇▇▇▇▇ J. 39,370 1,970 41,340
------------------------------
$2,793,134 $139,700 $2,932,834
==============================
13
14
SCHEDULE B
SCHEDULE B6
OTHER NOTES PAYABLE
Principal Interest Total
Amount Total Due
------ ----- ---
ACCOUNTS PAYABLE:
----------------
American Stock Transfer $ 29,157 $ 0 $ 29,157
▇▇▇▇▇▇ ▇▇▇▇▇▇ 12,500 0 12,500
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 78,360 0 78,360
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ & Assoc 16,710 0 16,710
K.A.M. Consulting 20,000 0 20,000
▇▇▇▇▇▇ & ▇▇▇▇▇▇ & Levane 93,017 0 93,017
Rosenman & Colin (signed off 9/94) 188,461 0 188,461
OTHER DEBT- 1
-------------
▇▇▇▇▇ ▇▇▇▇▇▇▇ 195,000 29,250 224,250
▇▇▇▇▇ ▇▇▇▇ 123,731 18,560 142,291
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ 8,250 1,238 9,488
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 30,000 4,500 34,500
▇▇▇▇▇▇ ▇▇▇▇▇▇ 40,000 6,000 46,000
OTHER DEBT- 2
-------------
▇▇▇▇▇▇ ▇▇▇▇▇ 27,875 4,181 32,056
▇▇▇▇ ▇▇▇▇▇▇ 13,937 2,091 16,028
▇▇▇▇▇▇ ▇▇▇▇ 13,937 2,091 16,028
Walnut Capital Corp- ▇. ▇▇▇▇▇ 27,875 4,181 32,056
▇▇▇ ▇▇▇▇▇▇▇ 5,575 836 6,411
▇▇▇▇ ▇▇▇▇▇▇▇ 27,875 4,181 32,056
K.A.M. Group, Inc.- ▇. ▇▇▇▇ 27,875 4,181 32,056
▇▇▇▇▇ ▇▇▇▇ 22,300 3,345 25,645
Due (1)
OTHER DEBT- 3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ $40,000 $32,000 8,000 0 8,000
-------------
Payments - $3,000 per month, $26,000 3/95
Secured by proceeds of Minneapolis sale (1)
OTHER DEBT- 4 Corporate Concepts 5,000 292 5,292
-------------
OTHER D ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 22,302 18,153 40,455
-------
SERIES 1 DEBENTURES- Interest
-----------------------------
Inversiones Globales, S.A - 3/24/93 1,216 0 1,216
Fish Funding Corp. - 4/26/93
▇▇▇▇ ▇▇▇▇▇▇, ▇/▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇ ▇▇▇
▇▇▇▇▇▇▇ Company - 5/12/93 526 0 526
Palm Beach Trust - 5/15/93 1,062 0 1,062
▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇. - 7/12/93 818 0 818
Inversiones Globales, S.A. - 8/09/93 1,045 0 1,045
Inversiones Globales, S.A. - 9/2/93 5,714 0 5,714
SERIES 2 DEBENTURES - INTEREST
------------------------------
▇▇▇▇ ▇▇▇▇▇▇▇ - 10/27/93 476 0 476
Bohemond Corporation - 10/27/93 952 0 952
▇▇▇▇▇▇▇ ▇▇▇▇▇ Company - 11/05/93 2,226 0 2,226
Walnut Capital Corp. - 12/02/93 882 0 882
▇. ▇▇▇▇ Cust, ▇▇▇▇▇▇▇ ▇▇▇▇ - 12/21/93 360 0 360
▇. ▇▇▇▇ Cust, ▇▇▇▇▇▇▇ ▇▇▇▇ - 12/21/93 360 0 360
------------------------------
TOTAL OTHER NOTES
$1,053,925 $103,080 $1,157,005
==============================
14
