On August 11, 1980, Jonathan Cottrell and four others, none of whom is a defendant in this action, signed as its incorporators and incorporation was effected on September 12, 1980. Its purpose was to acquire title to the East Hill school property in the City of Ithaca and to renovate and convert it to residential apartments. In early September, before East Hill was incorporated, Cottrell accepted cash payments of $500 from each of defendants Barber, Levitt and Fritschler...
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