- 8 - The Northgate Forest Property During 1979, Parker learned of approximately 440 contiguous acres of undeveloped land (the Northgate Forest property) in a residential area on the northern outskirts of Houston, Harris County, Texas. Parker retained Houston lawyer Martin Nathan (Nathan) to assist him in the acquisition of the Northgate Forest property. Acting at Parker's direction, Nathan executed two earnest money contracts (the earnest money contracts) with respect to the Northgate Forest property. Both contracts were dated July 11, 1979. One contract was with respect to approximately 362 acres, and provided for a purchase price of $4 million and an earnest money payment to the American Title Co. (American Title) of $20,000; the other was with respect to approximately 75 acres, and provided for a purchase price of $600,000 and an earnest money payment to American Title of $10,000. Both contracts provided for seller financing and no personal liability of the buyer. Both contracts showed as purchaser "M. Nathan, his nominees or assigns". Parker delivered to Nathan checks to be used to make the two earnest money payments to American Title. Those checks were deposited into Nathan's attorney trust account, and Nathan paid American Title with checks drawn on that attorney trust account. When presented for collection, Parker's checks to Nathan bounced (were dishonored); Nathan's checks to American Title did not. A few days later, Nathan told Parker that he (Nathan) wanted out of thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011