Mr. Hubert. Well, as a matter of fact you had actually loaned him 4 months’ rent at $550, whatever that is?
Mr. Paul. About $2,200.
Mr. Hubert. Yes; $2,200, so, was it considered that that loan or that indebtedness was the consideration for the stock?
Mr. Paul. That’s right.
Mr. Hubert. Or, was the stock merely to secure it?
Mr. Paul. That’s the security of that money—the stock was the security of the money.
Mr. Hubert. In other words, if he had paid the money back to you, he was entitled to the stock?
Mr. Paul. That’s right. In fact, he took the stock certificate one time; he thought he would be able to sell the club.
Mr. Hubert. I see.
Mr. Paul. He thought he would be able to sell the club, so I give him the stock certificates; you know—you deal with people in money, that’s true, and you are very careful, but sometimes friendship overshadows a lot of things.