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Glen Ivy property and became interested in an operation called
Time To Share.2
Glen Ivy Resorts (Glen Ivy) owned and operated extensive
time-share resort properties in the United States. Sheldon
operated a marketing company called Time To Share. The function
of Time To Share was, through various incentive programs, to
bring potential clients to visit sales locations of Glen Ivy,
whereupon Glen Ivy's sales staff would attempt to sell time-share
properties to prospective clients.
Sheldon apparently convinced petitioner that the Time To
Share venture had good potential for profit, and petitioner
became involved in the operation of Time To Share. Petitioner
was not an employee of Time To Share and did not receive a
salary, but he did oversee one of Time To Share's offices and
exercised some management functions. Petitioner's description of
2 The public records of the State of California reflect
that a fictitious business name statement was filed on Jan. 17,
1989, signed by Betty Sheldon, Sheldon's wife, providing that, as
of Jan. 17, 1989, Time To Share was a fictitious name of Betty
Sheldon and Jeff Arcuri, and that the business was conducted by a
general partnership. On Feb. 27, 1989, a fictitious business
name statement was filed reflecting that Time To Share as of Feb.
15, 1989, was a fictitious business name of Betty Sheldon and the
business was being conducted by an individual. Subsequently, a
public notice published on Jan. 8, 1990, and filed on Jan. 23,
1990, in a County Clerk's office, stated that a partnership of
Jeffrey Arcuri, Richard Sheldon, and PRU Enterprises, doing
business under the fictitious firm name of Time To Share, was
dissolved on Dec. 1, 1989, and that said business in the future
will be conducted by Richard Sheldon and PRU Enterprises. The
record contains no information with regard to the identification
or structure of PRU Enterprises.
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