In Re Dollar Corporation Bra-Con Industries, Inc., Debtors. Dollar Corporation Bra-Con Industries, Inc. v. William Z. Zebedee, Cross-Appellee

ENGEL, Senior Circuit Judge.

I

Defendant William Zebedee, at all times relevant to this appeal, was the president, chairman of the board of directors, and largest single shareholder of plaintiff Dollar Corporation. Beginning in January, 1987, Zebedee began taking advances from Dollar for personal use. These advances were recorded by Dollar as accounts receivable, in the same manner that advances for business expenses to salespeople, a common occurrence, were recorded. Advances were repaid in one of two ways: (1) if the employee was a salesman, the advances would be offset against reimbursable…