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Show 2D The Salt Lake Tnboin, Friday, March S.L. Volunteers 13, 1979 Offer to Help On Tax Chore Stale Alters Complaint In Federated Wrangle 33paep arnended com-pliva! filed Ti'.ur'dav in 3District Court for Utah in a state suit attempting to imiravel the financial affairs of Federated Security Insurance Co., Salt Lake City. The new complaint and the original suit of Dec. 10 were A by William G. Gibbs, signed special assistant Utah attorney general. The plaintiff is C. N. Ottoscn, state insurance and on of Federated Security, lj'half was Federated Security j2cced in rehabilitation pro- rjedings Nov. 5 by order of VW ird District Court. Judgment of $5 million; I Joss of profits in an amount costs, kvrt to be determined; f aud punitive and exemplary r($mages of $1 million are f requested from the defend-- t for commissioner, alts. Drft'iidents in Case w : I fThey are Kayraac Industries, Inc., Dallas, Tex.; Richard L. Mackay and Ches-t- r both of Dallas ! prd president and secretary, of Kaymac respectively, Industries; American Life Ia-- 1 snrance Co., Baton Rouge, Capital Bank & Trust Q.. Baton Rouge; Norris Grain Co., Chicago, 111.; Dorsey & Co. Inc., New Orleans, . LA., and its president, George .Pi Dorsey; United Housing York New City; dorp., Peoples Bond & Mortgage Transna-- , 'CA., Philadelphia; Ore. ; Portland, ual Services, tit Oregon National Life Insurance Co., Portland, and Robert Martin and Robert Bate-nlaboth Houston, Tex. The amended complaint makes these allegations in a L. Brewer, li.; n, ; ict summary: -- On July 30, 1969, Kaymac bSught from Oregou National Transnational percent of common stock of Federated for $3,000,000. Dorsey, a the stockbroker, advanced on Immediately $3,000,000. sale of the com,closing the mon stock, Kaymac delivered tf;e Federated securities port-loii- o of about $4,500,000 to Dorsey for sale. Dorsey r3aid Itself the $3,000,000 Item the proceeds of the Federated portfolio. 93.3 tlj ' - Secret Agreement Piror to this closing, Kay-ma- c had obtained a commitment letter from United Hpusing wherein United e Dorsey apparently relied on the United Housing commitment to make good a replacement of Federateds securities portfolio. Later, identical additional commitments and agreements were made by Kaymac and United Housing so the total amount of the mortgages to be received by Federated was $6,100,000. The.e agreements and commitments were, on or subsequent to Aug. 5, 1969, assigned to Peoples. Peoples then executed unconditional bulk assignments to Federated for $6,100,000. Side agreements with Peoples required Federated to reassign these same mortgages and requited Federated to guarantee Kaymac notes. Federated Cish Fused From July 25 until Nov. 5, Kaymac represented the mortgages from United Housing and Peoples to ke unconditional, unencumbered assets of Federated. Prior to July 30, Kaymac had ageeed to purchase the Transwestern Life Insurance Co. stock owned by National American. Cash of Federated in the sum of $750, OOC was used toward the purchase of stock from National, American, together wi h a pledge of Transwestern stock obtained by Kaymac with Trans-wester- n Federated assets, the result being Federated transferred $1,540,000 cash and assets to National American for which It received notiiing. The sale of Federated securities in tlie manner alwas a scheme to leged defraud Federated and was participated In by Kaymac, Brewer, Mackay, Oregon Nrtiona, Dorsey Sc Co., Bateman, Martin, United Housing, National American and Dorsey. Defendants A volunteer tax assistance perprogram for sons in the Salt Lake City area is available from VISTA volunteers working in three community education centers. Margaret Pfeiffer, a volunteer, said the program is part of a nationwide effort of Bateman and Martin acted as agents for defendants Dorsey and Dorsey & Co. in the transactions between Mackay and Sorsey. Mackay and Brewer expended further sums and disposed of other assets of Federated so that Federated does not now have in its possession or is now able to account for approximately $6, 500,000 of its assets held prior to July 30, 1969. VISTA voluxiteers working in conjunction with the Internal Revenue Service to aid persons who cannot afford to pay for the service in filling out 1340 tax forms. Volunteers 1 ave haa special training from IRS personnel, Miss Pfeiffer said. Centers where volunteers can be contacted are the Jack-so- n Elementary School, 751 N. 1st West; Jefferson Elementary School, 1077. S. West Temple, h and Oquirrh School, The map indicates the cleanup area men in trucks will coier during the next two weeks. Utah May Adopt Lift Law ing them eligible to practice bere as engineers, the opinion The Utah Passenger Tramway Safety Board may adopt Colorados rules and regulations and may hire a qualified engineer from outside the state until an engineer from within the state becomes qual-iflt- 350-4t- East. held. Pollution Costs in Millions, Lions Hear Annual per capita costs of air pollution have been calculated at $50 to $75 nationally. Dr. Ernest B. Christiansen, chairman, University of Utah Department of Chemical Engineering. told the Salt Lake Lions Club at Hotel Utah Thursdav. If this is true in Utah, he said, pollution costs for such items as increased cleaning; damage to paints, metals arid fabrics; medical expense, and increased accidents due to lack of visibility would total more than $50 million a year. Citing adverse effects of gases, inorganic organic, gases and particu'ants in the air, especially during periods of valley temperature inversions, he said the damage to the quality of the human experience is a major consideration. Dr. Christiansen said air pollution is a result of natural processes a .ell as automo tive, industrial and private fuel consumption waste. He credited Utah industries for attempting to reduce pollutant emissions but said, Problems do remain." Suggestions listed for private citizens concerned about air pollution were to support clean air standards and legis lation, follow open burning regulations, reduce smoke from private heating plants and consider the possibility of driving automobiles with less powerful engines. Dr. Christiansen indicated there is a direct relationship between higher horsepower and greater air pollution. .l, NEW SPRING ARRIVALS Atty. Gen. Vernon B. Romney held in an opinion Thursday. But inflections of ski lifts must be made frr the board and only for the board by a Qualified person and not Ly one acting as both the states inspector and an insurance inspector, the opinion held. Colorados tramway safety law is almost identical to Utah's and Utah is not prohibited from adopting that state's rules and regulations word for word, the opinion said. Engineers from out of state who would make inspections must first obtain temporary certificates in the state, mak- - NEW STYLES IN KENS IN FAMOUS BRAND FAMOUS BRAND KNIT SHIRTS LADIES 5.00 7.00 2IS7 8.00 12.00 21 REG. TO REG. TO ramous Brand SHORTS knits, action tailored to give comfort and handsome good looks for golf, tennis and casual wear Solid Colors, Stripes, and Fancies in Banlon and all Dacron knits . . . Knits, sizes Dacron-Cotton- Mall Shoppers Get,J.A. Buys k s, Just unpacked . . . crisp new Spring styles from a Very Famous Maker, styled in a smooth blend of 50 Polyester-5- Cotton 0 Solid colors and plaids in many colors, sizer Special to The Tribune 6 SAVE ON YOUR FAVORITE STYLE! - HCLLADAY Saturday shoppers at the Cottonwood Mall will have the opportunity to purchase Junior Acnieve-e n t program products, announced Wayne F. Richards, executive, secretary-manage- r. NYLON WARM-U- P JACKETS m BOYS, REG. 6.95 4m K!:559 Great for sports and casual wear . . . fin100 Nylon with a weather-repelleish snap-fron- t opening and elasticized cuffs on the full bell sleeves Drawstring bottom . . . several colors Some 21 J. A. firms will erect booths and sell the products in the mall during store hours, Mr. Richards said. Award for the best displays and the best sales records will be presented by Ray Olsen, J.A. executive secretary. 1,100-foot-lo- snug-fittin- g GOLF SHOES AT EARLY . . SEASON REDUCTIONS! Hous-In- g agreed toto deliver Feder- $1,500,000 mortgages ated 'n exchange for notes from Kaymac. Simultaneously, and in a separate agreement, Kaymac agreed it to would cause F'derated guarantee the Knymac notes t United Houo.ng. This separate agreement was kept a secret from parties dealing with KJymac and United Housing. REG. GREAT SAYINGS III ALL DEPTS. 24.95 The most comfortable and practical golf shoes Corfam uppers with injection-moldemade . . . easy-carsealed leather sole and heel to give waterproof protection with a cushioned insole for walking ease e DUAL CYLINDER City Lot Fully Leather Lined in sizes extra. FROM 4 ;S.L. Ponders JHandlin"in d 2 . . . Kiltie 1.00 SPALDING SCOUT FAMOUS UNIC0RE m .22 commissioners are sidering a recommendation CONVERSE REG. $10 SHOES construction delivers distance, Unique click and feel and is virtually indestructible to give more rounds per ball by two-piec- e city-owne- d Inc., 510 V. FOR 3 DAYS ONLY! The classic lines and dependable single-actio- n action Army revolver that helped tame the western frontier . . . deep blue finish Complete with $5 25 Leather Holster and & Sunday. Opposition Voiced Opposition to the city going Into the impound business was voiced by Sumner J. Hatch, counsel for Utah Recovery at a nublic hearing. He said the civ would have to hire two inre men and spend more money at its lot if it takes dS r. He said his firm charges 50 cents a day for storage and S5.5Q towing charges. He said he could see no reason why the city would want to charge (Z for tow ing. A report to the commission 1 February by Phil W. Pern, public safety budget director, ret City Auditor Lawrence A. .To. ics said the citv cou'd re: ke money operating its lot. the of Impound, 4th South, expires Recovery of 90c Shells Two Boxes Long Rifle JOHNSON CENTURY SPIN-CA- ST REEL CCI ENURE STOCK Your favorite canvas shoes for sports and all casual wear at special savings for 3 days! ... BASEBALL Black low cuts in sizes 2 to 13 with very slight regularities that are hard todetect lias Wrecker The Pullic Safety has its O" n wrecker nrd tow truck. A Si tow ing charge was sugges- up to YOUR FAVORITES IN FAMOUS BRAND off YOUR CHOICE GF FAMOUS REG. 4.95 TO 34.95 ALL FAMOUS BRANDS Wilson . . . Spalding . . . Rawlings . . . MacGregor mitts in models for Little League to College All Star Our stock of trap models, fielder's gloves and BERKLEY SPIN OR catcher's mitts at terrific low prices WESTERN BOOTS SPIN-CA- ST RODS BIG fri m 4-f.l- AII RUBBER BOATS REG.11.SS One of Americas favorite reels with "Selecto-Dia- ted city has the property for the lot on 5th South nearly aViile wect of Redwood Road mand West). Meanwhile, a check for $331 was received by the commission from Utah Recovery for the sale of impounded cars hfc'd March 7. line The ir- .22 Mini-Ma- (n (1700 ALL STAR DOZ. con- toe Public Safety Department to operate a lot for iriinounded ears, jyhev plan to meet Monday n 10:30 a.nu in Public Safety Commissioner James L. Barkers office to discuss the plan 8d make a decision. 2The city's contract with the UJch MENS AND BOYS GOLF BALLS HANDGUN ON Complete wit cylinder for .22 Mag. and cylinder for .2? long Rifle ..Impounding Tity SINGLE-ACTI- . . . r n drag and dual that puts you in full com- on famous Rubberized Nylon fabric thats reinforced to give adoed strength and durability . . .constiucted with two attached seats, heavy-duty- , reinforced floor, s brass grommets and brass t. els aluminum alloy frame loaded with monofilament In Constructed with specie cork handles two-piec- 250 SOUTH STATE PHONE 328-314- 5 24.95 oo savings Berkley rods in your choice of 61?-ft- . of t Spinning modSpin-Cas- REG. TO glass oar-lock- STORE-SID- E PARKING ALL STORES VALIDATE USE YOUR CHARGE, WALKER BANKARD BANKAMERICARD or MASTER CHARGE From our regular stock of Famous Brand Western Boots in popular ruff-ou- t and smooth dress leathers in a good selection of styles and colors Choose from styles for casual or dress wear in sizes 7 to 13, and make great savings for 3 days SHOP FRIDAY -O- THER AND MONDAY WEEKDAYS 10 A.M. TO 9 P.M. 10 A.M. TO 6 P.M. i ' |