Dear Dianne and David:
I have made substantial progress on the tax analysis as promised. I do not believe Leonard has any material exposure, though depending on hos we handle Traditional Holdings, he may have some tax liability if and when loans to him from Traditional Holdings are forgiven. I would like to suggest we schedule a call or meeting mid to end next week to discuss. My analysis of Kelley's position is intriguing.
Robert
NOTE: Leonard Cohen has received a 1099 from TH for all wasted assets but that may not necessarily address the monies his investor lost. The loans will not be forgiven. Leonard Cohen was and is well aware that he borrowed money to pay his personal taxes, buy homes for his girlfriend and son, received $1 million downpayment that he did not transfer to TH, etc. Leonard Cohen was well aware that his loans were to be repaid within 3 years at 6% interest. Has Leonard Cohen further defrauded TH by delivering the required live album and willfully disregarding corporate books, records, etc?
