The manager also owned 29% of the casino hotel.  His share of the combined profit totally offset what he had paid.  (and he saved a lot of taxes)

the twist

the eldorado manager also owned 29% of the partnership


 


a2131904z10-k.htm

    Eldorado SEC report

The numbers

the manager’s share of the profit on the sale was $262,000.  Or $ 12,000 more than he paid.

Manager paid the Eldorado       $250,000

Manager’s profit share             $262,000

 
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reality

the manager took 54 acres out of the partnership. paid nothing and didn’t reporting it.