|
13. Related Party Transactions
During 1998, the Company leased/chartered an airplane from a
Corporation owned by two officers/directors of the Company. Airplane
lease/charter payments for the year ended December 31, 1998 totalled
approximately $90,000. During December 1998, the Company purchased, at fair
market value, an aircraft from a corporation owned by two officers/directors of
the Company for a purchase price of $1,350,000.
During 1999, the Company purchased, at original price, an 18% ownership
interest in a motor speedway for $592,000 from a partnership in which three
officers/directors are partners. The investment is included in the line item in
the Company's Consolidated Balance Sheets entitled "Investments in and advances
to unconsolidated affiliates."
During 2000, a member of the Board of Directors made a $120,000
investment in limited partnerships of a joint venture. Subsequent to year end,
Mr. Lee Roy Selmon, a member of the Board of Directors invested approximately
$101,000 for a 10% interest in the operations of a Company owned restaurant
which bears his name and to which he is making a material image contribution.
|