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MR. WALSH: Approxim<strong>at</strong>ely 80 percent.<br />

MR. RYAN: Turning to the year 1975, when the<br />

plan began, can <strong>you</strong> tell <strong>us</strong> wh<strong>at</strong> Mr. Cantazaro and the<br />

Central St<strong>at</strong>es Joint Board were doing?<br />

MR. WALSH: Yes, sir. Robert Cantazaro began<br />

to <strong>contact</strong> companies with dental programs available,<br />

both here in Chicago and Indianapolis, Indiana, and<br />

g<strong>at</strong>hered proposal inf<strong>or</strong>m<strong>at</strong>ion on behalf of the Central<br />

St<strong>at</strong>es Joint Board.<br />

In one particular <strong>contact</strong> with the Pacific<br />

Mutual Insurance Company, he represented himself as a<br />

broker f<strong>or</strong> the Central St<strong>at</strong>es Joint Board. In written<br />

communic<strong>at</strong>ion with Pacific Mutual and Mr. Cantazaro,<br />

Pacific Mutual notified Mr. Cantazaro and the Board<br />

th<strong>at</strong> had they obldined <strong>this</strong> contract f<strong>or</strong> the dental<br />

plan, which was under consider<strong>at</strong>ion, 75 percent of<br />

benefits -- 75 percent of premiums, exc<strong>us</strong>e me, would<br />

<strong>have</strong> been paid in benofits, 12 percent 1n overhead<br />

and 13 percent in profits.<br />

MR. RYAN: Would it be c<strong>or</strong>rect to say th<strong>at</strong><br />

Mr. Cantazaro went around the country sometimes on<br />

c<strong>or</strong>p<strong>or</strong><strong>at</strong>e jets representing himself as a broker to<br />

the Central St<strong>at</strong>es Joint Board?<br />

MR. WALSH: Exactly, sir.

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