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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, XXXXX, XXXXXX & XXXXXXXX, P.C., a New
York professional corporation ("Escrow Agent"), with its principal place of
business located in Syracuse, New York, and Xxxxx X. Post, Xxxxx Xxxxxx, Xxxxxx
Xxxxxx, Xxxxxx Xxxxxx, Xxxxxxxx Xxxx, Xxxxxx Xxxxx, Xxxxx Xxxxxxx and Xxxxxx
Xxxxxxx ("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, XXXXX, XXXXXX & XXXXXXXX, P.C., as the Escrow
Agent under this Agreement; and SCOLARO, SHULMAN, XXXXX, XXXXXX & XXXXXXXX,
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 Xxxxx X. Post, Chairman, for the Company and Xxxxxx X. Xxxxx, 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 Xxxxxxxxx & Company, Inc. pursuant to
Subparagraph (i) of Article VI of the Agreement and the payment due and payable
to Xxxxx X. 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/ Xxxxx X. Post
-----------------------------------------
Xxxxx X. Post, Chairman
/s/ Xxxxx X. Post
-----------------------------------------
Xxxxx X. Post, Key Stockholder
-----------------------------------------
Xxxxx Xxxxxx, Key Stockholder
/s/ Xxxxxx Xxxxxxx
-----------------------------------------
Xxxxxx Xxxxxxx, Key Stockholder
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/s/ Xxxxxx X. Xxxxxx
----------------------------------------------------------
Xxxxxx Xxxxxx, Key Stockholder
/s/ X. X. Xxxx
----------------------------------------------------------
Xxxxxxxx Xxxx, Key Stockholder
----------------------------------------------------------
Xxxxxx Xxxxx, Key Stockholder
----------------------------------------------------------
Xxxxx Xxxxxxx, Key Stockholder
/s/ Xxxxxx X. Xxxxxxx
----------------------------------------------------------
Xxxxxx Xxxxxxx, Key Stockholder
EVRO CORPORATION
By: /s/Xxxxxx X. Xxxxx
------------------------------------------------------
Xxxxxx X. Xxxxx, President and Chief Executive Officer
SCOLARO, SHULMAN, XXXXX, XXXXXX & XXXXXXXX, P.C.
------------------------------------------------------
By: /s/Xxxxxxx X. Xxxxx
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SCHEDULE I
Xxxxx Xxxxxx - For 1) Xxxxxxx Equities, 2) Hilltop Partners, L.P., 3) Haussmann
Holdings, N.V., 4) Grosvenor Multi- Strategy Fund
Xxxxxx Xxxxxxx - For The Xxxxxxx Xxxxx Company
Xxxxxx Xxxxxx - For 1) Xxxxxx Xxxxxx, 2) Walnut Capital Corp., 3) Windy City
Communications, 4) Holding Company
Xxxxxxxx Xxxx - For 1) Xx-Xxx Pension Plan, 2) Xx-Xxx Pension Plan and Trust,
3) Xxxxxxxx and Xxxxxx Xxxx, 4) XXX Group, Inc., 5) KAM Consulting, 6) Xxxxxx
Xxxx as Custodian for Xxxxxxx Xxxx, 6) Xxxxxx Xxxx as Custodian for Xxxxxxxx
Xxxx, 7) Fish Funding
Xxxxxx Xxxxxxx - For 1) Xxxxxx X. Xxxxxxx & Xxxxxxx X. Perlmouth Trustees u/w
Xxxx X. Xxxx Trust f/b/o Xxxxxxxx X. Xxxxxxx Children, 2) Xxxxxx X. Xxxxxxx &
Xxxxxxx X. Perlmouth Trustees u/w Xxxx X. Xxxx Trust f/b/o Xxxx X. Xxxxxxx, 3)
Xxxxxx X. Xxxxxxx & Xxxxxxx X. Perlmouth Trustees u/w Xxxx X. Xxxx Trust f/b/o
Xxxxxx X. Xxxxxxx, 4) Xxxxxx X. Xxxxxxx & Xxxxxxx X. Perlmouth Trustees u/w
Xxxx X. Xxxx Trust Xxxx X. Xxxxxxx, Xx., 5) Xxxxxx X. Xxxxxxx & Xxxxxxx X.
Perlmouth Trustees u/a f/b/o Xxxxxx X. Xxxxxxx Children, 6) Xxxxxx X. Xxxxxxx &
Xxxxxxx X. Perlmouth u/a f/b/o Xxxx X. Xxxxxxx Children, 7) Xxxxxxxx X.
Xxxxxxx, 8) Xxxxx X. Xxxxxxx
Xxxxxx Xxxxx - For 1) Xxxxxx Xxxxx, 2) Inversiones Globals, S.A.
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STOCK/695 EXHBIT A
ESCROW AGREEMENT
KEY SHAREHOLDERS COMMON STOCK
XXXXX XXXXX XXXXXX XXXXXX
INVESTOR POST XXXXXX (1) XXXXXXX (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
====================================================================
XXXXXXXX XXXXXX XXXXX XXXXXX
INVESTOR PACE (1) WHITE (1) XXXXXXX (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:
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxxxx X. Xxxxxxx $ 250,000 $ 21,010 $ 271,010
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxx X. Xxxxxxx 75,000 6,303 81,303
f/b/o Xxxxxx X. Xxxxxxx Children 50,000 4,202 54,202
f/b/o Xxxx X. Xxxxxxx, Xx. 75,000 6,303 81,303
f/b/o Xxxx X. Xxxxxxx, Xx. Children 50,000 4,202 54,202
Xxxxxxx Equities (Xxxxxx) - 10/28/93 215,000 18,010 233,010
Hilltop Partners, Xxxxxx - 10/28/93 250,000 20,942 270,942
Haussman Holdings, N.V., Xxxxxx - 10/28/93 25,000 2,094 27,094
Grosvenor Multi-Strategy Fund,L.P., Xxxxxx - 10/28/93 10,000 838 10,838
Xxxxxxx Xxxxx Company - 11/5/93 125,000 10,334 135,334
Walnut Capital Corp. - 12/02/93 62,500 4,936 67,436
X. Xxxx Cust, Xxxxxxx Xxxx - 12/21/93 31,250 2,386 33,636
X. Xxxx Cust, Xxxxxxx Xxxx - 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 - Xxxxxx Xxxxxx - 11-12/94 50,000 2,834 52,834
Xxxx Xxxxxxx - 11/94 20,000 1,285 21,285
Xxxxxxx Xxxxx Company - 12/94 25,000 1,312 26,312
Xxxxxx Xxxxx 5,000 250 5,250
---------------------------------------
Totals $300,000 $18,507 $318,507
=======================================
Loeb Trusts - 10/26/93:
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxxxx X. Xxxxxxx 100,000 $ 6,412 $106,412
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxx X. Xxxxxxx 30,000 1,924 31,924
f/b/o Xxxxxx X. Xxxxxxx Children 20,000 1,283 21,283
f/b/o Xxxx X. Xxxxxxx, Xx. 30,000 1,924 31,924
f/b/o Xxxx X. Xxxxxxx, Xx. 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
----------- ------------ ------ -------- ---
Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx $ 22,500 $ 1,688 $ 24,188
Xxxxx Xxxxxxx Xxxxxxx Xxxxxx 22,500 1,688 24,188
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxxxxx Xxxxxxx Xxxx 45,000 3,375 48,375
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxx, Xx. Loeb, Jr. Xxxx X. 22,500 1,688 24,188
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx 45,000 3,375 48,375
Xxxxxxxxxx X. Xxxxx 5,111 398 5,509
Xxxxxxx Xxxxxxxx, XXX Xxxxxxxx Xxxxxxx 20,443 1,590 22,033
Xxxxxx Xxxxxxx 10,222 795 11,017
Xxxxxxxxx Xxxxxx H. 8,086 629 8,715
Xxxxxx X.X. 7,946 618 8,564
Southwest Electronix Supply P.P. & Trust Xxxxxx X.X. 100 8 108
Wilbron Xxxx X. 8,086 629 8,715
Xxxxx Xxxxxx L. 11,998 900 12,898
De Monchy Katlean 19,197 1,440 20,637
Xxxxxx Xxxx 23,996 1,800 25,796
Xxxx, DMD Xxxxxx 11,998 900 12,898
Windy City Communications, Inc. Xxxxxx Xxxx 47,992 3,600 51,592
Xxxxx Xxxxxx J. 11,998 900 12,898
Equilease Corporation Xxxxxx Xxxx 47,992 3,600 51,592
Xx-Xxx Assoc. Pension Plan Xxxx Xxxxxxxx 47,992 3,600 51,592
Xx-Xxx Assoc. Pension Plan & Trust Xxxx Xxxxxxxx 11,998 900 12,898
Post Xxxxx 24,959 1,872 26,831
HAP Trusts Partnership XxXxxxxx Xxxxxxxx E. 23,996 1,800 25,796
Xxxxx Xxxx J. 23,996 1,800 25,796
Windy City Communications, Inc. Xxxxxx Xxxx 3,957 297 4,254
Xxxxxx Xxxx Xxxx Xxxxxxxx 3,957 297 4,254
------------------------------
TOTAL FIXED RATE NOTES PAYABLE - ORIGINAL $533,520 $40,187 $573,707
==============================
Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx 1,125 84 1,209
Xxxxx Xxxxxxx Xxxxxxx Xxxxxx 1,125 84 1,209
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxxxxx Xxxxxxx Xxxx 2,250 169 2,419
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxx, Xx. Loeb, Jr. Xxxx X. 1,125 84 1,209
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx 2,250 169 2,419
Xxxxxxxxxx X. Xxxxx 715 54 769
Xxxxxxx Xxxxxxxx, XXX Xxxxxxxx Xxxxxxx 2,859 214 3,073
Xxxxxx Xxxxxxx 1,430 108 1,538
Xxxxxxxxx Xxxxxx H. 1,130 85 1,215
Xxxxxx X.X. 1,111 83 1,194
Southwest Electronix Supply P.P. & Trust Xxxxxx X.X. 14 1 15
Wilbron Xxxx X. 1,130 85 1,215
Xxxxx Xxxxxx L. 600 45 645
De Monchy Katlean 960 72 1,032
Xxxxxx Xxxx 1,200 90 1,290
Xxxx, DMD Xxxxxx 600 45 645
Windy City Communications, Inc. Xxxxxx Xxxx 2,400 180 2,580
Xxxxx Xxxxxx J. 600 45 645
Equilease Corporation Xxxxxx Xxxx 2,400 180 2,580
Xx-Xxx Assoc. Pension Plan Xxxx Xxxxxxxx 2,400 180 2,580
Xx-Xxx Assoc. Pension Plan & Trust Xxxx Xxxxxxxx 600 45 645
Post Xxxxx 1,248 94 1,342
HAP Trusts Partnership XxXxxxxx Xxxxxxxx E. 1,200 90 1,290
Xxxxx Xxxx J. 1,200 90 1,290
Windy City Communications, Inc. Xxxxxx Xxxx 198 15 213
Xxxxxx Xxxx Xxxx Xxxxxxxx 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
==============================
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SCHEDULE B
SCHEDULE B4
PREFERRED STOCK
LIENHOLDER
----------
DEBT HOLDER Pref Share
----------- CONTACT NAME # Of Shares Value
------------- ----------- -----
Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx 4,905 $ 49,050
Xxxxx Xxxxxxx Xxxxxxx Xxxxxx 4,905 49,050
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxxxxx Xxxxxxx Xxxx 9,810 98,100
Xxxx X. Xxxx Trust u/w f/b/o Xxxx X. Xxxx, Xx. Xxxx, Jr. Xxxx X. 4,905 49,050
Xxxx X. Xxxx Trust u/w f/b/o Xxxxxxxx X. Xxxxxxx Xxxxxxx Xxxxxx 9,810 98,100
Xxxxxxxxxx X. Xxxxx 3,117 31,170
Xxxxxxx Xxxxxxxx, XXX Xxxxxxxx Xxxxxxx 12,465 124,650
Xxxxxx Xxxxxxx 6,232 62,320
Xxxxxxxxx Xxxxxx H. 4,930 49,300
Xxxxxx X.X. 4,843 48,430
Southwest Electronix Supply P.P. & Trust Xxxxxx X.X. 61 610
Wilbron Xxxx X. 4,930 49,300
Xxxxx Xxxxxx L. 2,616 26,160
De Monchy Katlean 4,184 41,840
Xxxxxx Xxxx 5,231 52,310
Xxxx, DMD Xxxxxx 2,616 26,160
Windy City Communications, Inc. Xxxxxx Xxxx 10,462 104,620
Xxxxx Xxxxxx J. 2,616 26,160
Equilease Corporation Xxxxxx Xxxx 10,462 104,620
Xx-Xxx Assoc. Pension Plan Xxxx Xxxxxxxx 10,462 104,620
Xx-Xxx Assoc. Pension Plan & Trust Xxxx Xxxxxxxx 2,616 26,160
Post Xxxxx 5,442 54,420
HAP Trusts Partnership XxXxxxxx Xxxxxxxx E. 5,231 52,310
Xxxxx Xxxx J. 5,231 52,310
Windy City Communications, Inc. Xxxxxx Xxxx 862 8,620
Xxxxxx Xxxx Xxxx Xxxxxxxx 862 8,620
------- ----------
TOTAL FIXED RATE, SECURED DEBT- ORIGINAL
139,806 $1,398,060
======= ==========
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SCHEDULE B
SCHEDULE B5
SUBORDINATED NOTES
12/31/94
Principal Interest Total
DEBT HOLDER CONTACT NAME With Interest 1-6/95 Due
----------- ------------- ------------- ------- ---
Xxxxx, MD Xxxxxx $ 19,188 $ 960 $ 20,148
Xxxxxx Xxxxx M.D. P.A. Pension Trust Plan Xxxxx, MD Xxxxxx 19,188 960 20,148
Xxxxxx Xxxxx M.D. P.A. Profit Sharing Plan Xxxxx, MD Xxxxxx 19,188 960 20,148
Xxxxx X. Xxxxxxx 39,370 1,970 41,340
Xxxxxxxxxx X. Xxxxx 39,370 1,970 41,340
Xxxxx Xxxxxx L. 39,370 1,970 41,340
Fields Xxxx X. 19,684 980 20,664
Xxxxxx Xxxx D.M.D. P.C. Pension Plan Xxxx, DMD Xxxxxx 78,740 3,940 82,680
Xxxxxx Xxxxxxx H. 78,740 3,940 82,680
Hilltop Partners Xxxxxx Xxxxx 78,740 3,940 82,680
Xxxxxxx Equities Xxxxxx Xxxxx 67,716 3,390 71,106
Grosvenor Multi-Strategy Fund Xxxxxx Xxxxx 3,150 160 3,310
Haussmann Holdings Xxxxxx Xxxxx 7,875 390 8,265
Walnut Capital Corp. Xxxxx Xxxxxxx 202,696 10,130 212,826
Xxxxx Xxxxxx J. 78,740 3,940 82,680
X. Xxxxxxx, X. Xxxxxxxx TRS U/W Xxxxxxx Xxxx L. 118,074 5,900 123,974
Pinpoint Partners I Xxxxxxx Xxxxxx L. 39,370 1,970 41,340
X. Xxxxxxx, X. Xxxxxxxx TRS U/W Xxxxxxx Xxxxxx L. 39,370 1,970 41,340
Xxxxxxx Xxxxxx P. 118,074 5,900 123,974
Post Xxxxxxx 39,370 1,970 41,340
Xxxx L. Xxxx 19,690 980 20,670
Xxxxxxxxx Xxxxxx H. 59,036 2,950 61,986
Xxxxxxxx Xxxxxxx O. 23,615 1,180 24,795
Xxxxxxx Xxxx R. 29,528 1,480 31,008
Gasco Xxxxxx Xxxxx 19,690 980 20,670
de Monchy Katlean 78,740 3,940 82,680
Xxxxxx Xxxxxx R. 39,370 1,970 41,340
Fields Xxxx X. 39,370 1,970 41,340
Xxxx Xxxxxx 39,370 1,970 41,340
X. Xxxx DMD P.C. Pension Plan Xxxx Xxxxxx 39,370 1,970 41,340
Hilltop Partners Xxxxxx Xxxxx 118,100 5,910 124,010
Xxxxxxx Equities Xxxxxx Xxxxx 101,574 5,080 106,654
Grosvenor Multi-Strategy Fund Xxxxxx Xxxxx 4,636 230 4,866
Haussmann Holdings Xxxxxx Xxxxx 11,812 590 12,402
Xxxx Xxxxxxx 39,370 1,970 41,340
c/x Xxxxx Capital Management Xxxxxx Xxxxxx E. 78,715 3,940 82,655
Xxxxxxxx Xxxxx 39,370 1,970 41,340
Walnut Capital Corp Xxxxx Xxxxxxx 118,074 5,900 123,974
X. Xxxxxxx, X. Xxxxxxxx TRS U/W Xxxxxxx Xxxxxx L. 39,370 1,970 41,340
X. Xxxxxxx, X. Xxxxxxxx TRS U/W Xxxxxxx Xxxxxx L. 39,370 1,970 41,340
Xxxxxxxx Xxxxx P. 39,370 1,970 41,340
Xxxxxxx Xxxxxx P. 78,715 3,940 82,655
Xxxxxxxx & Xxxxxx Xxxx Xxxx Xxxxxxxx 78,715 3,940 82,655
Post Xxxxxxx 78,715 3,940 82,655
Xxxxx Xxxxxxx Descendants' Trust Partners. XxXxxxxx Xxxxxxxx E. 157,348 7,870 165,218
Letco Inc Money Purchase Plan Xxxxx Xxxxx 39,370 1,970 41,340
Logistixs, Inc. XxXxxxxx Xxxxxxx 157,348 7,870 165,218
Xxxxx X. Xxxxx- Revocable Living Trust Xxxxx Xxxxx J. 39,370 1,970 41,340
------------------------------
$2,793,134 $139,700 $2,932,834
==============================
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SCHEDULE B
SCHEDULE B6
OTHER NOTES PAYABLE
Principal Interest Total
Amount Total Due
------ ----- ---
ACCOUNTS PAYABLE:
----------------
American Stock Transfer $ 29,157 $ 0 $ 29,157
Xxxxxx Xxxxxx 12,500 0 12,500
Xxxxx Xxxxxxxx 78,360 0 78,360
Xxxxxx X. Xxxxxxxxxx & Assoc 16,710 0 16,710
K.A.M. Consulting 20,000 0 20,000
Xxxxxx & Xxxxxx & Levane 93,017 0 93,017
Rosenman & Colin (signed off 9/94) 188,461 0 188,461
OTHER DEBT- 1
-------------
Xxxxx Xxxxxxx 195,000 29,250 224,250
Xxxxx Xxxx 123,731 18,560 142,291
Xxxxx Xxxxxxxxxx 8,250 1,238 9,488
Xxxxxx Xxxxxxxx 30,000 4,500 34,500
Xxxxxx Xxxxxx 40,000 6,000 46,000
OTHER DEBT- 2
-------------
Xxxxxx Xxxxx 27,875 4,181 32,056
Xxxx Xxxxxx 13,937 2,091 16,028
Xxxxxx Xxxx 13,937 2,091 16,028
Walnut Capital Corp- X. Xxxxx 27,875 4,181 32,056
Xxx Xxxxxxx 5,575 836 6,411
Xxxx Xxxxxxx 27,875 4,181 32,056
K.A.M. Group, Inc.- X. Xxxx 27,875 4,181 32,056
Xxxxx Xxxx 22,300 3,345 25,645
Due (1)
OTHER DEBT- 3 Xxxxxx Xxxxxxxxx $40,000 $32,000 8,000 0 8,000
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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
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OTHER D Xxxxx Xxxxxxxx 22,302 18,153 40,455
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SERIES 1 DEBENTURES- Interest
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Inversiones Globales, S.A - 3/24/93 1,216 0 1,216
Fish Funding Corp. - 4/26/93
Xxxx Xxxxxx, x/x Xxxxxxxx Xxxx 000 0 000
Xxxxxxx Company - 5/12/93 526 0 526
Palm Beach Trust - 5/15/93 1,062 0 1,062
Xxxx Xxxxxxx, Xx. - 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
------------------------------
Xxxx Xxxxxxx - 10/27/93 476 0 476
Bohemond Corporation - 10/27/93 952 0 952
Xxxxxxx Xxxxx Company - 11/05/93 2,226 0 2,226
Walnut Capital Corp. - 12/02/93 882 0 882
X. Xxxx Cust, Xxxxxxx Xxxx - 12/21/93 360 0 360
X. Xxxx Cust, Xxxxxxx Xxxx - 12/21/93 360 0 360
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TOTAL OTHER NOTES
$1,053,925 $103,080 $1,157,005
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