Position 61-62/71-72 - 1982-12-13 Transaction Summary


Purchase Date:
1982-12-13
How Purchased:
Auction
Where Purchased:
H.R. Harmer's of New York
Auction No.:
Lot No.:
Sound/Fault:
Sound
Catalogue Value:
$ 610,000
Realized:
$ 192,500
Seller:

Description

According to the Amick book, in 1982 Harmer's of New York sold the "Princeton Block" on behalf of George Manter and Gulf Stream National Bank, successor to Summit Bank, after the loan used to finance its purchase in 1979 was defaulted on.

The 1979 loan for $350,000 from Summit Bank of Tamarac, Florida was made to an entity named Philatelic G.E.M. Associates (Manter's initials) with he and his wife Susan listed as principals and other partners listed as participating on a limited basis.

The block was kept in a vault at Sterling National Bank in New York on behalf of the bank as collateral. In 1982 the block was sold after the loan was defaulted.
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