Albert R. and Phyllis F. Dworkin - Page 8

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            fractional interests in four oil wells in Alberta, Canada.                                     
            Petitioner also invested as a limited partner in five other                                    
            unincorporated entities from 1983 to 1988.  Three of these were                                
            real estate ventures, one involved oil wells and the last                                      
            involved equipment leasing.  Over the course of his career                                     
            petitioner has examined a large number of private placement                                    
            offering memoranda and has participated in the preparation of                                  
            such memoranda.                                                                                
                  In 1981, petitioner learned of the Northeast transaction                                 
            from Raymond Grant (Grant).  Petitioner first became acquainted                                
            with Grant about 1946 when they both worked for David Berdon &                                 
            Co. in New York City.  After about 2 years, Grant left David                                   
            Berdon & Co. to enter the mutual fund business.  Grant became                                  
            general counsel and senior vice president at Waddell & Reed, a                                 
            large mutual fund organization in Kansas City.  He returned to                                 
            New York in the mid-1970's.  At that time Grant became a member                                
            of the same tennis and social club as petitioner.  During 1981                                 
            Grant was an investment banker, an attorney, and an accountant.                                
            He was also the president and 100 percent owner of the stock of                                
                  After learning of the Northeast transaction from Grant,                                  
            petitioner spoke with Richard Roberts (Roberts), a businessman                                 
            and the general partner in Northeast.  Roberts was a 9-percent                                 
            shareholder in F & G and the general partner in a number of                                    
            limited partnerships which leased Sentinel EPE recyclers.  Grant                               

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